Cefor Sanction Limitation and Exclusion Addendum28.02.22, Clauses
In response to the Russian invasion of Ukraine, Cefor publishes an addendum clause, the Cefor Sanction Limitation and Exclusion Addendum (Cefor Form 2022/ 288).
If incorporated into any policy subject to the Nordic Marine Insurance Plan of 2013 ("NMIP") the clause may replace the current clause 2-17 of the NMIP.
The wording is almost identical, exept that the Cefor Form 2022/ 288 does not mention Russia (nor China or France) as countries whose sanctions would trigger the clause. Obviously, the addendum clause is supposed to help the assureds so they do not end up in a difficult situation with EU, US and UK sanctions on the one side and potential Russian counter-sanctions on the other.
Please note that all Cefor clauses are standard policy conditions and thus purely illustrative. This clause is not binding on Cefor members. The parties negotiating an insurance contract are completely free to agree upon other insurance conditions and clause wording or modify the clause.