In the UK, the primary responsibility for administering the sanctions framework is taken by HM Treasury, in particular the Office of Financial Sanctions Implementation. A number of other government departments also have involvement in the system of UK sanctions, including the Department for Business, Energy and Industrial Strategy. Insurers must negotiate a patchwork system of financial and trade sanctions.
This Practice Note provides guidance in relation to sanction clauses in insurance policies. It explains the effect of sanctions and the purpose of sanctions clauses in the context of insurance. It also provides guidance on drafting sanctions clauses and commentary on the widely used Lloyd's Market Association 3100 clause.
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