IUA backs modern slavery clauses

The International Underwriting Association has backed the development of market clauses that aim to eliminate the practice of forced labour. The Joint Cargo Committee, which comprises IUA member companies and Lloyd’s, has published a clause stating that claims payments are conditional on policyholders having undertaken due diligence on modern slavery legislation.

Fidelis, Aon and Marsh have also developed alternative wording which compels clients to abide by all applicable legal and regulatory obligations on forced and child labour.

Dave Matcham, chief executive of the International Underwriting Association, said: “The use of forced labour is a blight on the global economy and is estimated to affect millions of men women and children.

“IUA members are keen to play their part in tackling this issue and the development of prohibited labour insurance clauses is a welcome move. Whilst their use in individual contracts is, of course, a matter for the negotiating parties involved, they should serve to clearly highlight responsibilities throughout the supply chain.”

    Share Story:

Recent Stories


Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021

Advertisement