If any difference or dispute of any king shall arise between the Master Policyholder, the Lead Company or the Follower Company in respect of this Policy or in respect of any claim or of any matter or thing or liability arising or alleged to have arisen hereunder or otherwise connected with directly or indirectly, the same shall be referred to the decision of two arbitrators, one to be chosen by each side with power to the said arbitrators to appoint an umpire.