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.”

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