We are pleased to inform you that, in respect of ocean-going owners' entries with no fixed sum insured and charterers' entries under the Special Cover which participate in the International Group Pooling Agreement, the Excess Cover for War Risks excluded solely by Rule 35.1(2) will be available to the Members for the 2004 policy year. The terms are in accordance with the P&I War Risks Clause of the Association's Rules and, with the exception of item 2) below, are unchanged from those for the 2003 policy year. The points of this cover are outlined below.

1. Main points of the Cover (same as for the 2003 policy year)
   1. The cover only responds to claims in excess of the proper value of the entered vessel as referred to in Rule 35.2(2) or the amount recoverable from the vessel's war risks underwriters, whichever is the greater. For the purpose of this cover, where the proper value exceeds US$100 million, the proper value will be deemed to be US$100 million.
   2. Except for 2) below, the limit of cover is US$400 million any one event eachvessel.
   3. The terms of the cover contain the same Chemical, Bio-chemical, Electromagnetic Weapons and Computer Virus exclusion as last year.
      
      
2. Amended terms (Reduced limit of cover)The limit of cover in respect of vessels employed as accommodation ships in and around Athens during the period of the Olympic Games and associated sporting events is reduced to US$50 million any one event each vessel. Please contact us immediately if your vessel is scheduled to be so employed.