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Lma 3200

This document outlines a sanctions suspension clause for (re)insurance contracts. The clause states that if providing insurance coverage, paying claims, or other benefits would expose the (re)insurer to sanctions under UN resolutions or trade/economic sanctions of the EU, UK, or US, then those obligations are suspended. The suspension will remain in effect as long as the (re)insurer would remain exposed to sanctions.

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2K views1 page

Lma 3200

This document outlines a sanctions suspension clause for (re)insurance contracts. The clause states that if providing insurance coverage, paying claims, or other benefits would expose the (re)insurer to sanctions under UN resolutions or trade/economic sanctions of the EU, UK, or US, then those obligations are suspended. The suspension will remain in effect as long as the (re)insurer would remain exposed to sanctions.

Uploaded by

bikashdhali001
Copyright
© © All Rights Reserved
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Sanctions Suspension Clause

It is a condition of this (re)insurance, and the (re)insured agrees, that the provision of any
cover, the payment of any claim and the provision of any benefit hereunder shall be
suspended, to the extent that the provision of such cover, payment of such claim or provision
of such benefit by the (re)insurer would expose that (re)insurer to any sanction, prohibition or
restriction under any:
a. United Nations’ resolution(s); or
b. the trade or economic sanctions, laws or regulations of the European Union,
United Kingdom or United States of America.
Such suspension shall continue until such time as the (re)insurer would no longer be
exposed to any such sanction, prohibition or restriction.

LMA3200
05 October 2023

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