Sanctions clause is no substitute for comprehensive advice

Monday, April 2, 2012 Veröffentlichungen

Article by Albrecht Birke and Dr. Friedrich Isenbart in Versicherungswirtschaft 7/2012

With the regulation (EU) 961/2010, the EU issued a prohibition to grant insurance cover for Iranian risks. Many German insurers consequently added a so-called sanctions clause into their contracts.

The article at hand points out: A declaratory clause on its own does not provide transparency and cannot replace comprehensive guidance and advice.

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