SANCTION LIMITATION AND EXCLUSION
SANCTION LIMITATION AND EXCLUSION
The (re)insurer shall not provide cover nor be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose the insurer or any member of the insurer’s group to any sanction, prohibition or restriction under United Nations resolutions, Indonesian autonomous sanctions, or the trade or economic sanctions, laws or regulations of any country.
Klausul Pengecualian Sanksi
Perusahaan (re)asuransi tidak akan memberikan menjamin atau bertanggung jawab untuk membayar klaim atau memberikan manfaat apapun di bawah polis ini sejauh bahwa pemberian jaminan, pembayaran klaim atau pemberian manfaat tersebut akan menyebabkan perusahaan (re)asuransi atau anggota dari group perusahaan asuransi terkena sanksi, larangan atau pembatasan di bawah resolusi PBB, sanksi dari otoritas otonom Indonesia, atau sanksi perdagangan atau ekonomi berdasarkan hukum atau peraturan dari negara manapun
Supporting Article :
Sanctions exclusion clauses and warranties are nothing new and, in fact, are commonly used across the insurance industry as a tool for insurers to mitigate risk arising from the international sanctions regimes to which they may become exposed (e.g. suppliers and /or customers coverage). Wordings vary according to the country of origin.
Lloyd’s have put out a Market Bulletin, No Ref: Y4861 on the subject which covers the subject well. If you would like to down load a copy please click here y4861.
Recently the standard Lloyd’s Market Association (“LMA”) 3100 clause was amended to Australia. The revised wording reads:
No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, Australia, United Kingdom or United States of America.”