International Trade Restrictions Policy
International Trade Restrictions Policy – Insured Creativity Inc.
Effective: May 25, 2020
Insured Creativity Inc. (“Insured Creativity”) maintains a strict policy regarding compliance with International Trade Restrictions (the “TR Policy”) including those administered by the UN Security Council, European Union, and The Office of Foreign Assets Control (“OFAC”).
In summary, the TR Policy takes into consideration applicable laws which may expose Insured Creativity to the risk of sanctions or other penalties, including those that relate to export controls and designated parties (including parties regarded by OFAC as Specially Designated Nationals). The TR Policy affects, in particular (but not solely), certain transactions related to countries subject to sanction, prohibition or restriction under UN Security Council Resolutions or under other applicable trade or economic sanctions, laws or regulations (collectively known as “Restricted Territories”). The Restricted Territories under the TR Policy may be subject to change in line with international trade restrictions.
Purpose
The purpose of this policy is to provide guidance to customers who purchase insurance coverage from or through Insured Creativity.
What it means to You.
We expect you to carry out appropriate due diligence to ensure your activities are in accordance with all applicable trade restrictions laws and regulations. We do not assume responsibility for your compliance with such requirements. If you become aware that the risk you have (re)insured or are proposing to (re)insure through us, involves a Restricted Territory or any other relevant trade restriction(s), you should tell us immediately.
Insured Creativity’s Due Diligence
Insured Creativity will also carry out appropriate due diligence utilizing 3rd party services during the lifecycle of an insurance risk to check persons, organizations or countries against sanctions lists from a variety of sources, including but not limited to the UN Security Council, European Union, and The Office of Foreign Assets Control (“OFAC”).
What happens if a transaction is contrary to the TR Policy.
When Insured Creativity becomes aware that an entire transaction or a portion thereof is contrary to the TR Policy, we will notify the appropriate authorities and we will be unable to act for the period during which the transaction is contrary to the TR Policy. If part of a transaction we have been asked to carry out (or have already carried out) would constitute, or constitutes, a breach of the TR Policy, we will not be able to act with respect to that part, whether it involves a placement, renewal, variation of insurance contract, payment, processing, advising, the handling of a claim or any other service for the period during which that part of the transaction is contrary to the TR Policy.
We will not incur any liability whatsoever to you in the event we rely upon this clause.
Changes to the International Trade Restriction Policy
We may make material changes to this Policy. We encourage you to periodically review this page for the latest information on our sanction checking practices. Your continued use of the Services constitutes your agreement to be bound by such changes to this Policy. Your only remedy, if you do not accept the terms of this Policy, is to discontinue use of the Services.