HFW

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 sanction clauses.

This Practice Note explains the role of Export Credit Agencies (ECAs) in shipping finance and looks at which ECAs are the most active in shipping finance, the nature and types of support they offer and the benefits of ECA financing. It also explains the key structures and documentation issues, including the security package, to consider in ECA financings for shipping finance.

This Practice Note provides an overview of the key points of the Third Parties (Rights Against Insurers) Act 2010 and practical guidance as to its application as compared with the former position under the Third Parties (Rights Against Insurers) Act 1930.

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 and Trade. Insurers must negotiate a patchwork system of financial and trade sanctions.