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The International Underwriting Association (IUA) published a ‘Brexit Contract Continuity Clause’ to assist companies (including subscription risks) manage insurance contracts following the UK’s departure from the EU and parties can adopt and amend the clause as they see fit. For the IUA’s commentary on the clause see: The IUA’s Brexit Contract Continuity Clause Commentary.
The wording of the IUA’s clause is as follows:
BREXIT CONTRACT CONTINUITY CLAUSE
This clause shall only apply following the withdrawal from the European Union by the United Kingdom, including where a transition agreement has been effected (“Brexit Event”)
The Insurer and the entity identified as Insurer B in the below Schedule, (together the “Insurers”) and the Insured agree this clause forms a binding part of the contract between the Insured and the Insurers.
Except as set out in this Clause and notwithstanding any other provision in this Contract, a Brexit Event shall not have the effect of:
(a) terminating this Contract; or
(b) altering or invalidating any term of, or discharging or excusing performance under, this Contract; or
(c) giving any party a unilateral right to alter or terminate this Contract.
Subject to paragraphs 5 and 6 and to the extent that the Insurer as a consequence of a Brexit Event is:
(a) not permitted by applicable law or regulation to perform this Contract (or any part thereof); and or
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