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Lloyd's adds sanctions clause

Lloyd's adds sanctions clause

London: London's marine insurance market has created a clause ensuring underwriters do not breach sanctions due in part to western measures against Iran, a senior Lloyd's Market Association (LMA) official said. Marine underwriters in London have been looking at ways to deal with the growing raft of Iran-related measures as well a U.S. executive order on a Somali group.?"Underwriters have taken steps to ensure they do not contravene the sanctions. One of the ways of doing that is to write carefully the allowed business using an appropriate exclusion or limitation clause," Neil Roberts, a senior technical executive with the LMA, told Reuters.?"They have put together a clause with U.S. legal thinking which is now available for use."?President Barack Obama in April issued an executive order blocking the U.S. assets of an Islamic Somali insurgent group that professes loyalty to al Qaeda, and 11 individuals he linked to conflict and piracy in the anarchic country.?"The clause is designed to address most things, not just Iran and Somalia although they have been extensively discussed," Roberts said.?"This is designed to try and address any sanction prohibition or restrictions which will come out under U.N. resolutions or trade and economic sanctions from the EU, UK or the U.S."?The London marine insurance market plays an influential role in the global marine insurance industry. The LMA represents the interests of all underwriting businesses in the Lloyd's market.?"They are mindful of the proliferation of sanctions together with their extra territorial effect," Roberts said. [05/08/10]

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