Where the Insured is obliged to arrange insurance is in accordance with any instructions contained in a Letter of Credit such cover is granted hereunder, provider it does not exceed the provisions of this contract wording or is held covered at a premium to be agreed (by Underwriters).

Notwithstanding the above and irrespective of the Letter of Credit requirements the interest of the insured named herein shall always be protected hereunder against all the risks covered by this contract wording. 

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