We comply with the sanction restrictions and prohibitions published under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America (“The Sanctions”).
The Sanctions may apply to countries, authorities, companies, and individuals.
The Sanctions mean that no (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit, to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.
What does it mean?
We will not accept for cover (insurance or reinsurance), and will not participate in cedants covers, will not renew covers or extend covers for anyone who is subject to The Sanctions.
Furthermore, we shall not be liable to pay any sums or provide any benefit to any party to the extent that the provision of such services, payment of such sums or provision of such benefit would breach or expose us to any enforcement or other adverse action under The Sanctions,
If You have any concerns in relation to any of the above, You should let Us know.
Existing covers:
In the event we find out that an existing cover is issued to anyone subject to The Sanctions, we will:
[1] cancel the existing cover ab-initio and refund the premium paid for it.
[2] decline any claim submitted under such cover.
Brokers:
Brokers working with us are requested to fully comply with these instructions.
The updated versions of the TOBA (Terms of Business Agreement) to be signed with our brokers contain The Sanctions limitations instructions.
In the event a risk is cancelled as a result of this issue, the refund of premium will be to the producing broker, for the net received after deductions (including brokerage), and the broker is required to pay back to the insured/reinsured in full, including their retained brokerage/commission/other deductions.
