Common use of Sanctions and/or Embargoes Clause in Contracts

Sanctions and/or Embargoes. If sanctions and/or embargoes are imposed by Governments, and/or banks elect not to handle insurance transaction monies in respect of various countries or persons in such countries, this may restrict the provision of insurance cover, services that can be provided or the movement of monies under such cover. It is the responsibility of all firms to comply with relevant sanctions legislation, and we expect all customers to comply with the requirements of any sanctions legislation that may apply to them. As part of this, we expect all customers to fully disclose any exposure they are aware of, or that they may become aware of from time to time relating to either sanctioned persons, locations or goods where it may have an impact on our business. In performing our duties, following from the above, we may have to: i. advise you that our bank(s) have elected not to handle monies relating to your transaction which will prevent the provision of cover and related services; ii. suspend any movement of funds until a relevant governmental body confirms that no sanctions/embargoes have been breached and/or a licence can be issued by the relevant authority; and iii. advise you that some insurers may seek to cancel cover if they believe there has been a sanctions/embargo breach. We will use reasonable endeavours to warn you should we become aware that an issue may impact upon the insurance we place on your behalf or restrict the payment of any premiums or claims.