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ICBA Pivotal in Overturning Force Major Exclusion

13 Jul, 2020

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As we move through the pandemic the ICBA Executive Committee continues to work on important issues perhaps best illustrated with this example. A discussion took place at Board level with an insurer about the impact of a “Force Major Exclusion” (Force Majeure). Because of this discussion, it was agreed the Insurer would not apply this for Covid-19 cases. Some weeks later in Italy, the ICBA team were able to define a new contract for a middle term transaction. The same Insurer (at local level) tried to put a Force Major Exclusion for non-payment related to Covid-19 in the contract. This was successfully overturned because it had already been agreed at Board level. The Force Major Exclusion was cancelled.  The ICBA is a force for good – acting as One Team to benefit clients trading in their own country and beyond.

This is the overriding goal of the ICBA. We always act in the best interests of our clients.

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