Importance of Including Effective Sanctions Clauses in Your (Re)Insurance Contracts

November 2024

Download Recording

Richard (Rick) McDermott

Global Sanctions Program Director
AmTrust Financial Services, Inc.

Jim Slear

Founder
Slear Law

Sanctions clauses in insurance contracts are provisions that are intended to prevent (re)insurers from providing coverage or paying claims if doing so would expose them to trade or economic sanctions. These clauses are subject to nuances that may not fully protect (re)insures from liability under international trade and sanctions restrictions. During this webinar we will review case studies and discuss:

  • Standard and Nonstandard sanctions clauses
  • LMA3100A Sanctions Clause
  • OFAC Sanctions Clause Expectations
  • Anti-Sanctions clauses
  • LMA5583A Territorial Exclusion
  • Language to accommodate secondary sanctions risk
  • Implications for increased look back period and record keeping for 10 years

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