A group of brokers and insurers in the London market has come together to announce a new approach to keeping the products of modern slavery out of the export supply chain.
Fidelis, Aon and Marsh have developed a clause which makes it a condition of marine cargo policies that the insured complies with applicable legal and regulatory obligations in respect of forced and child labor.
“Forced labor in all its forms is an extreme expression of inequality and injustice. The insurance industry is committed to do all it can to prevent association with the abhorrent practices of modern slavery. We sometimes think that slavery is a thing of the past, but it is not 鈥� it is real and present in all societies and we want to do our part to root it out,” said Charles Mathias, group executive director & group chief risk officer, Fidelis Insurance.
About Fidelis Insurance
Fidelis Insurance Holdings Limited is a privately owned, Bermuda鈥恇ased holding company, which, through its subsidiaries, is a global provider of property, bespoke and specialty re/insurance products. The core operating subsidiaries of Fidelis have financial strength ratings of A (Excellent) by A.M. Best Company, Inc. and A鈥� by Standard & Poors.
Source: Fidelis
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