Reference Library
Terrorism Clauses
"As of the first half of 2002, a large number of US marine cargo markets have restricted coverage for physical loss or damage to cargo due to terrorism. These markets have most often endorsed policies using "SR&CC Endorsement (Form No. 11)" or via "Termination of Transit Clause (Terrorism) U.S.A". Markets advise that these restrictions are due to changes in the reinsurance market place following the events of 9/11."
  

AIMU
Endorsement for Open Policies (Cargo)
Strikes, Riots & Civil Commotions
(March 1, 2002)

To be attached to and form a part of Policy No......................of......................

Insuring.........................................................................................................................

S.R. & C. C. Endorsement (Form No. 11)

This endorsement cancels and supercedes the previously issued SR&CC Endorsement (December 2, 1993).

INSURANCE ALSO COVERS: 

(1) Physical loss of or damage to property insured directly caused by strikers, locked-out workmen, or persons taking part in labor disturbances or riots or civil commotions;

(2) Physical loss of or damage to the property insured directly caused by vandalism, sabotage or malicious acts; and,

(3) Physical loss of or damage to the property insured directly caused by the act or acts of one or more persons, whether or not agents of a sovereign power, carried out for political, terroristic or ideological purposes and whether any loss, damage or expense resulting therefrom is accidental or intentional; PROVIDED that any claim to be recoverable under this subsection (3) be not excluded by the F.C. & S. Warranty in the Policy to which this endorsement is attached. Notwithstanding the foregoing, coverage under this subsection (3) is conditional upon the property insured being in the ordinary course of transit and, in any event, shall terminate:

(a) As per the Warehouse to Warehouse Clause, Marine Extension Clause, 60 Day South American Clause and any other clauses relating to duration of transit contained in or endorsed onto the Policy; or,

(b) on delivery to the consignee’s or other final warehouse or place of storage at the destination named herein; or,

(c) on delivery to any warehouse or place of storage, whether prior to or at the destination named herein, which the Assured elects to use either for storage other than in the ordinary course of transit or for allocation or distribution; or,

(d) in respect of marine transits, on the expiry of 60 days after completion of discharge overside of the property insured from the vessel at the port of discharge; or,

(e) in respect of air transits, on the expiry of 30 days after unloading the property insured from the aircraft at the place of discharge;

whichever shall first occur.

While the property insured is at risk under the terms and conditions of this insurance within the United States of America, the Commonwealth of Puerto Rico, the U.S. Virgin Islands and Canada, this insurance is extended to cover physical loss of or damage to the property insured directly caused by acts committed by an agent of any government, party or faction engaged in war, hostilities or other warlike operations, provided such agent is acting secretly and not in connection with any operation of military or naval armed forces in the country where the described property is situated.

Nothing in this endorsement shall be construed to cover any loss, damage or expense directly or indirectly arising from, contributed to or caused by any of the following, whether due to a peril insured against or otherwise:

(a) change in temperature or humidity;

(b) the absence, shortage, or withholding of power, fuel, or labor of any description whatsoever during any strike, lockout, labor disturbance, riot or civil commotion;

(c) loss of market or loss, damage or deterioration arising from delay;

(d) hostilities, warlike operations, civil war, revolution, rebellion or insurrection, or civil strife arising therefrom, except to the limited extent that the acts of certain agents acting secretly have been expressly covered above; or,

(e) nuclear reaction, radiation or radioactive contamination.

The Assured agrees to report all shipments attaching under this cover and to pay premiums therefore at the rates established by the Assurer from time to time.

This endorsement may be canceled by either party upon forty-eight hours written, telegraphic or telefaxed notice to the other party, but such cancellation shall not affect any risks which have already attached hereunder.

Effective with respect to shipments made on or after . . . . . . .

All other terms and conditions remain unchanged.

Dated . . . . . . . . . . . , 20. . . . .

Endorsement No.              Date of Issuance:

THIS ENDORSEMENT, EFFECTIVE WITH ALL SHIPMENTS MADE ON AND AFTER FORMING A PART OF POLICY NO.                        OF THE                         
ISSUED TO

Termination of Transit Clause (Terrorism) U.S.A.

It is understood and agreed that this Termination of Transit Clause shall be paramount and absolute, overriding any clause or clauses, or any other provisions stamped or endorsed to this open cargo policy.

1. Notwithstanding any provisions to the contrary contained in this policy, its endorsements, or the clauses referred to therein, it is understood and agreed that in so far as this policy covers loss of or damage to the subject matter insured directly caused by the act or acts of one or more persons, whether or not agents of a sovereign power, carried out for political, terroristic or ideological purposes and whether any loss, damage or expense resulting therefrom is accidental or international, such cover is conditional upon the subject matter insured being in the ordinary course of transit and, in any event, shall terminate:
1.1 As per the transit clauses within or any other provisions stamped or endorsed to this open cargo policy.
OR
1.2 on delivery to the Consignee’s or other final warehouse or place of storage at the destination named herein;
1.3 on delivery to any warehouse or place of storage, whether prior to or at the destination named herein, which the Assured elect to use either for storage, processing, exhibition, or any other like facility, other than the ordinary course of transit, or for allocation or distribution;
OR
1.4 in respect of wet marine transits, on the expiry of 60 days after completion of discharge overside of the goods hereby insured from the vessel at the port of discharge,
1.5 in respect of overland transits, not considered to be transshipments as part of 1.4, on the expiry of 60 days after commence of the overland conveyance,
1.6 in respect of air transits, on the expiry of 30 days after unloading the subject matter from the aircraft at the place of discharge,

whichever shall first occur.
2. This clause is subject to English law and customs, except in the United States and its possessions where the law and customs of the United States will prevail.

ALL OTHER TERMS AND CONDITIONS REMAINING UNCHANGED.
Restrictive Laws / Local Regulations
While Marine Cargo Insurance is by its very nature international and therefore largely unencumbered by specific country regulation, there are two categories whereby restrictive practices apply: 1) Local country insurance laws, and 2) Governmental Embargoes and/or Sanctions, such as the US Department of the Treasury - Office of Foreign Assets Control, the UN Security Council, the European Union, and the UK Financial Sanctions. For further information on these issues, contact your local Marsh Cargo representative
 
A LIST OF COUNTRIES WITH RESTRICTIVE MEASURES
IN THE FIELD OF MARINE INSURANCE
INTERNATIONAL TRADE
(from FFSA/DMAT – Freedom of Insurance – 08/2008)
 
Country Local Insurance Compulsory for/other barriers. Market Practice WTO Membership MAT Cross-border and Consumption commitments under GATS Domestic Insurance Law
Algeria Imports only when insurance is taken out by an Algerian importer.
• Imports have not to be insured locally if they are externally financed, except for goods and equipment as listed in the Executive decree 95-412 of 9 December 1995
Observer  
• Ordinance N° 95-07 of January 25, 1995.
• Executive decree 95-412 of 9 December 1995.
• Article 194 of the Code of Insurance.
Angola Imports
• The law governing non-admitted insurance of imports has apparently not been applied and the majority of imports come into Angola on a CIF basis
• Insurance of marine cargo imports is compulsory.
Member No schedule of specific commitments.
• Decree 172/79 of August 1979.
• Insurance law 1/100 of February 2000.
Bangladesh Imports
• All imports must be insured in Bangladesh with the state-owned direct insurer Sadharan Bima Corporation (SBC) unless exemption is obtained from the Chief Controller of Insurance.
• The insurance of marine cargo imports is compulsory.
Member No schedule of specific commitments.
• Insurance Corporation Act of June 23, 1973.
• Substitution of Section 23, Act VII of 1973, in Ordinance n° LI, 11.08.1984.
• Import Policy Order 2003-2006.
Barbados Imports
• In practice, CIF imports are common as use of non-registered insurers may be permitted by the supervisor if similar protection at comparable cost is not available via a registered insurer.
• Legislation currently under review is to exempt marine cargo risks to be insured locally.
Member No schedule of specific commitments.
• Section 22 of Insurance Act 1996
Benin Imports
• The insurance of marine cargo is compulsory.
• More and more imports are sold on CIF terms, as all the importer needs is a certificate, required by Beninese customs, once the goods have landed.
Member No schedule of specific commitments.
• Decree N° 83406 of 16 November 1983.
• Code CIMA, Art.278.
Brazil Free
• In January 2008, the Brazilian insurance council (CNSP) announced the withdrawal of restrictions on buying insurance abroad for imported goods
   
• Resolution CNSP n° 165 of 17 July 2007
• Resolution CNSP n° 180 of 17 December 2007.
Burkina Faso Imports valued at XAF 500,000 (USD 954) or more are to be insured in the country.
• Except in case of major risks beyond the capacity of the local market.
• The insurance of cargo imports is compulsory.
• Landlocked country.
Member No schedule of specific commitments.
• Ordinance N° 83-022 dated 17 November 1983.
• Decree N° 84 dated 30 December 1983.
• Code CIMA, Art.278 entered into force in February 1995.
Burundi Imports
Exports		   Member No schedule of specific commitments.
• Ordinance N° 540.141 of June 9, 1983.
Cameroon Imports
• Except in case of major risks beyond the capacity of the local market.
• The insurance of cargo imports is compulsory.
Member No schedule of specific commitments.
• Law N° 7514 of December 8, 1975.
• Decree N° 76/334 of August 6, 1976.
• Decree N° 30-78 of April 22, 1978.
• Code CIMA, Art. 278 entered into force in February 1995.
Cape Verde Imports when goods are purchased on a FOB basis.
• If the sales contract is on a CIF basis, the goods can be insured abroad.
Observer  
• Decree 30/78 of 22 April 1978.
Central African Republic Imports
• The insurance of imported goods with a value equal or exceeding 500 000 F CFA is compulsory.
• Goods are cleared only after production of a certificate of insurance
Member No schedule of specific commitments.
• Ordinance N° 83.052 of August 2, 1983.
• Decree N° 84.128 of April 27, 1984.
• Code CIMA, Art. 278 entered into force in February 1995.
Chad Imports
• Except in case of major risks beyond the capacity of the local market.
• The insurance of cargo imports is compulsory.
• Landlocked country.
Member No schedule of specific commitments.
• Decree N° 736 of November 19, 1985.
• Decree N° 0019 of April 2, 1986.
• Code CIMA, Art. 278, effective 1995.
Congo (Brazzaville) Imports
• Except in case of major risks beyond the capacity of the local market.
• Imported cargo insurance is compulsory
Member No schedule of specific commitments.
• Order N° 8562 of 26 March 1983.
• Code CIMA, Art. 278, effective 1995.
Congo Democratic Republic (Kinshasa) Imports Exports
• Transport insurance is compulsory.
• The state company Sonas has a monopoly of non-life insurance. However, given the upheavals that the country has undergone in recent years, it has been relatively easy to ignore the provisions of insurance legislation.
Member No schedule of specific commitments.
• Law N° 73-009 of January 5, 1973.
• Law 74-014 of July 10, 1974.
• Law 78/009 of March, 1978.
• A new Code of Insurance is awaiting approval of the government.
Cuba Depends on the terms of trade.
• Cuban insurers are entitled to the first option for the insurance of exports
• Local insurance of imports and exports is encouraged.
Member Unbound.
• Decree-Law N° 177 effective in September 1997.
Djibouti Imports
• Under the insurance law of 2000, local insurance of imports is required. It must be taken out either with Djibouti-based insurance companies or with natural person or legal entities authorised to operate in the country.
Member No schedule of specific commitments.
• Article 193 of the insurance law 2000.
Dominican Republic Imports
• Exemptions possible when cover is not available locally.
• Fines may be applicable for non-compliance of the law.
Member Unbound
• Law 26 of May 10, 1971 as amended by Law 28 of December 23, 1975.
• Insurance Law 146-02 of September 2002 (Article 6).
Ecuador Imports
• When insurance is not available locally, exemption is possible subject to prior approval from the insurance supervisory authority.
• Insurance of imports is compulsory.
Member Unbound
• Article 66 of the General Insurance Law n° 74 dated 3 April 1998.
Ethiopia Imports
• Local insurance of imports is compulsory.
• Exemption may be given by the National Bank where the capacity or the particular insurance cover required is not available locally.
Observer  
• Notice N° 1/1977 of January 5, 1977.
• Chapter 2, Article 8 of Proclamation 86/1994.
• Directive N° SIB/27/2004, effective March 1, 2004.
Gabon Imports
• The insurance of cargo imports is compulsory.
Member No schedule of specific commitments.
• Ordinance N° 6/79 of February 22, 1979.
• Decree N° 0215/PR/MINECOFIN of February 22, 1979.
• Code CIMA, Art. 278, effective February 1995.
Georgia Exports
• When insured, exports have to be covered by a local insurer.
Member No schedule of specific commitments.
• Article 7of the Law on Insurance 1998.
Ghana Imports
• Permission may be sought from the regulator to effect insurance abroad.
Member Except in case of personal effects every insurance effected in respect of any goods imported into Ghana shall be placed with an insurer registered in Ghana.
• Decree of 1 January 1973.
• Ghana Shippers’ Council (Cargo Sharing). Regulations, 1987 (legislative instrument N0 1347).
• Insurance Law of 1989.
• Draft new insurance law 2006.
Guatemala Exports when insurance premium is payable by persons domiciled in Guatemala.
• Exception if cover is not available in Guatemala.
• Most of major exports (coffee, sugar, bananas and cardamoms) are covered under contracts placed overseas.
Member Unbound
• Articles 17 and 18 of Decree Law N° 473 dated 4 June 1966.
Guinea Imports   Member No schedule of specific commitments.
• Ordinance n° 080/PRG/87 of 22 December 1987.
Haiti Imports
• The law under which imports must be insured locally is still in force, although it is not respected.
• A significant number of imported shipments enter the country as contraband.
Member Unbound
• Article 3 of the decree published in the Monitor N° 26 of 30 March 1981 which modifies Article 17 of the 1956 decree.
Indonesia Imports
• This regulation has not been enforced by concerned authorities for many years.
• Importers often purchase goods CIF and then arrange for a local insurance company to issue a policy for customs declaration purposes only.
Member Unbound except if:
a) there is no company in Indonesia,which could handle the insurance risks of the object in question.
b) There is no insurance company in Indonesia which wants to carry out insurance coverage of the object in question.
c) The owners of insurance objects in question are not Indonesian citizens or Indonesian legal entities.
• Indonesian Shipping Act N° 2 of 1992.
• Code of Commerce Part IX and X.
Iraq The writing of non-admitted cover is tolerated given the current political situation
• Marine cargo business for international operators who are working in Iraq on the reconstruction of the country is being written abroad.
• A draft insurance legislation has been prepared under which, when implemented, the local market will be opened to foreign insurers, and non-admitted insurance permitted to be transacted on an unqualified basis.
Observer  
• Insurance business regulation Act N° 10 of June 2005.
Iran Imports, the purchase agreement for which has been concluded in Iran, or for which a letter of credit has been operated in Iran.
• De facto compulsory insurance of imports since the state-owned banks will not open a letter of credit without sight of a cargo policy issued by an Iranian insurance company
Observer  
• Iran Insurance Act of 1937 as amended by other pieces of legislation.
Ivory Coast Imports
• The insurance of cargo imports is compulsory.
Member Unbound
• Ordinance N° 2007-478 of 16 May 2007.
Jordan Exports
• For imports, the customs authorities require a local insurance policy even if cargo was shipped on a CIF basis. If no local policy is presented, they levy an amount of 1% as national insurance premium to calculate the customs duty.
• As cover on CIF terms terminates at the Jordanian port/border, land transit insurance cover is bought by importers under a separate policy.
• Some exports are sent FOB.
Member Unbound
• Insurance Regulatory Act n° 33, 1999.
Kenya Imports (in theory)
• In practice a large volume of imported cargo enters Kenya on a CIF basis.
• The insurance of marine cargo imports is compulsory.
Member Unbound except for aviation, marine and engineering.
• Sections 19 & 20 of Insurance Act Chapter 487, 1987.
Laos Imports Exports
• The law has been extensively disregarded for many years.
• Landlocked country.
Observer  
• Article 37 of the Insurance Law 1990.
Libya Imports
• Penalties for non-compliance include fines of up to LYD 100,000 (USD 78,000), and/or up to 6-month imprisonment.
• Exception is possible when the risk cannot be covered by any company in the local market.
• Insurance of marine cargo imports is compulsory.
Observer, but application for member-ship accepted.  
• Insurance law N° 3 of 2005.
• Ordinance N° 75-002 of 1975.
Malaysia Tax Incentive
• Double tax deduction for premiums offered to insurance buyers who arrange insurance for imports with insurance companies registered in Malaysia.
• Such tax incentives do not seem to have produced much stimulus to the local market.
Member Unbound
• Insurance Act 1996.
Mali Imports
• Exemption possible in the case of major risks beyond the capacity of the local market.
• Insurance of marine cargo imports is compulsory.
Member No schedule of specific commitments.
• Law n° 81-78/AN.RM of 15 August 1981.
• Law n° 85-37/AN.RM of 14 May 1985.
• Decree n° 314/PG.RM of 5 December 1983.
• Order n° 3364/MF.DNTCP of 14 July 1984.
• Code CIMA, Art. 278, effective 1995.
Mauritania Imports more than MRO 500,000 (USD 1,880).
• Insurance of imports compulsory.
• The obligation is not always respected and much cargo arrives under CIF terms without major objections from the customs services.
Member No schedule of specific commitments.
• Law 93/40 of 20 July 1993 as modified by Order 2007 of 26 April 2007.
Morocco Imports
• CIF contracts are possible
• for engineering products in the frame of turnkey contracts, oil products, forest products and when goods are financed outside for cross-border consumption,
• in the case of free-trade agreements.(The agreement with the European Union has not been enforced yet),
• exemptions are possible subject to previous agreement by the Ministry of Finance.
Member Unbound
• Article 162 of law N° 17-99 promulgated on 3 October 2002 as amended by law N° 39-05 of 2006.
• Instruction N° 14 (Exchange Control Agency) of October 2006.
Myanmar Imports Exports
• Many imports are purchased CIF and most exports are sold FOB.
• Insurance for organisations where a state organisation or enterprises holds 50% or more of the equity must be arranged with Myanmar Insurance Corporation unless classes of insurance sought are not normally written by Myanmar Insurance.
• Special exemption is required from the ministry before arranging insurance with another company.
• Myanmar Insurance Corporation is currently the only licensed insurance company in Myanmar.
Member No schedule of specific commitments.
• Foreign Exchange Regulation 1947.
• Myanmar Insurance Law of 1993.
• Foreign Investment Law, Chapter 8/19.
Nicaragua Imports      
• Law N° 227 (Reforma a la ley general de instituciones de seguros) dated 4 July 1996 (La Gaceta N° 150 de 12 de Agosto de 1996).
Niger Imports
• Landlocked country.
• Insurance of marine cargo imports over XOF 5M (USD 11,040) is compulsory.
Member No schedule of specific commitments.
• Ordinance N° 85-15 of May 23, 1985.
• Decree N° 85-52 of May 23, 1985.
• Code CIMA, Art. 278, effective February 1995.
Nigeria Imports
• Exemptions are possible when risks cannot be placed with an insurer registered in the country by reason of exceptional nature.
• Insurance of marine cargo imports is compulsory.
Member b) All imports into Nigeria are to be insured locally by insurance companies registered in Nigeria.
• Insurance Act n° 1 of 2003.
Oman Imports Exports
• Imports are often purchased CIF.
Member Unbound
• Royal decree 12/79, effective March 1979.
• Circular N° 2/2004 of 24 December 2004.
Pakistan Imports
• All imports cargo has to be insured domestically in local currency.
• Exemptions are possible
Member Unbound
• Insurance Ordinance 2000.
Papua/New Guinea Exports
• In practice this is not always the case in spite of the commissioner of insurance’s best efforts to monitor the placing of insurance. The insurance of imports depends on the terms of trade.
• Exemption may be granted by the commissioner of insurance for insufficient capacity of the domestic market or in the national interest
Member No schedule of specific commitments.
• Insurance Act of 1995 and supplementary regulations.
Qatar Only export & import business of government-owned enterprises is reserved for national companies.
• Imports are generally insured in Qatar as the claims handling can be carried out by a local company.
Member No schedule of specific commitments.
• Article 44 of Insurance Decree n° of 1966.
Russia  
• Imported cargoes are often insured outside Russia. In this case, in the event of loss, there are difficulties over remitting the claims amount to a local insured. As non-admitted insurers are involved, such claims payments are not recognized as insurance transactions et are subject to tax.
Observer  
• Law on insurance of November 1992 and amendements.
• Civil Code of arch 1996.
Rwanda Imports Exports   Member No schedule of specific commitments.
• Law of 28 October 1977.
Senegal Imports
Exports
• Importers may insure their goods outside Senegal when risks are beyond de capacity of the local market.
Member All imports of goods and merchandise directly for trade or industrial pur-poses must be covered by insurance taken out with one of the entities ap-proved for such purpose in Senegal.
• Law 83-47 of February 18, 1983.
• Decree 83-1201 of November 24, 1983.
• Code CIMA, Art.278, effective February 1995.
Serbia Imports Exports when carried at the risks of a domestic legal entity or person.
• Private trading company take little interest in insurance and are content to export FOB and import CIF.
Observer  
• Insurance la of 24 May 2004, effective 29 May 2004.
• Decree on property and persons which may be insured with a foreign insurance company, enteredinto force on 8 June 2006.
Sierra Leone Local insurance of imports used to be compulsory. No information available. Member Unbound
• Section 76 of Insurance Act 1971.
• Act pf 15 April 1974.
Solomon Islands Local insurance of imports used to be compulsory. No information available. Member No schedule of specific commitments.
• Public notice pursuant to Section 10 (3) of the Insurance Act 1985.
Sri Lanka Free except for certain categories of garment shipments which must be insured locally.   Member Unbound except in the case of insurance of freight, where insurance is taken by the buyer or seller in accordance with contract.
• Regulation of insurance industry act 2000
Sudan Imports
• Authorisation for non-admitted insurance is occasionally granted by the Supervisory Authority (ISA) in special circumstances. Insurance of marine imports compulsory.
• The insurance of marine cargo imports is compulsory.
Observer  
• Ministerial Order of March 13, 1970.
• Insurance supervision act 2001.
Syria Imports
• All imports must be insured with SIC (Syrian Insurance Company), at least for clause C cover.
Applicant  
• Decree of 1 July 1979.
• Article 11 of Legislative Decree n° 43 of 2005.
Tanzania Imports
• This obligation could have been suppressed.
Member No schedule of specific commitments.
• Insurance Act 1996.
• Insurance Regulations 1998.
Thailand Tax Incentive
• Exemption of marine insurance export cargo premiums from VAT when insurance is taken out locally.
Member Unbound except for international marine, aviation and transit and all classes of reinsurance.
• Civil and commercial code.
• Non-life Assurance Act B.E. 2535 (1992).
• Transportation Act B.E. 2522 (1979).
Togo Imports
• Obligation is not always strictly respected.
• Insurance for imports is compulsory.
Member No schedule of specific commitments.
• Law N° 87-07 and Decree N° 87-104 of June 3, 1987 (Cat. N° 2).
• Tax Code, Chapter 2, Article 865, Paragraph 4.
• Insurance Act of 1996 gazetted on 13 March 1998.
• Code CIMA, Art. 278, effective February 1995.
Tunisia Imports valued at TND 3,000 (US 2,400) or more
• Insurance of marine cargo imports is compulsory.
Member The air, sea and land transport of goods for import must be insured in Tunisia.
• Law N° 80/88 of December 12, 1980.
• Decree N° 81-1596 of November 24, 1981.
• Law 99-2364 of 27 October 1999 which extends the list of cargoes excluded from compulsory insurance.
• Article 44 of the Insurance Code.
Uganda Imports
Exports
• Although not specifically stated in the statute, exports are, according to the Uganda Insurance Commission (UIC) also required to be insured by locally licensed insurance companies. Landlocked country.
Member No schedule of specific commitments.
• Insurance Statute of 1996 gazetted on 4 April 1996.
• Marine Insurance Act 2002.
Venezuela Only land transit of marine cargo (imports & exports)
• The Supervisor may give permission to insure overseas.
Member Unbound
• 1994 Insurance Law published in Caceta Extraordinaria N° 4,865 of 8 March 1995.
Yemen Imports
Exports
• Exemption from the requirement to insurance cargo locally can be obtained by the payment of an additional duty to customs of 3% of the cargo value.
• Compliance with the regulation is not total, especially in respect of cargo imported on a CIF basis.
• The insurance of import and export cargo is compulsory.
Observer  
• Memo by the Ministry of Commerce & Industry.dated December 16, 1980. Ref. 5060/9.
• Yemeni Maritime Law N° 15 of 1994.
 
Sources: Insurance Market Reports of Axco, Cesam’s Average Agents and French Embassies of several countries concerned.
 
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List of Countries with Restrictive Measures table copied with permission of AIMU from http://www.aimu.org/cargoinsurancerestrict.html

Trade Sanctions
While Marine Cargo Insurance is by its very nature international and therefore largely unencumbered by specific country regulation, there are two categories whereby restrictive practices apply: 1) Local country insurance laws, and 2) Governmental Embargoes and/or Sanctions, such as the US Department of the Treasury - Office of Foreign Assets Control, the UN Security Council, the European Union, and the UK Financial Sanctions (see links below). For further information on these issues, contact your local Marsh Cargo representative

United Nations Security Council Sanctions Committees

Office of Foreign Assets Control (OFAC) of the US Department of the Treasury Economic and Trade Sanctions

European Union Sanctions or Restrictive Measures

UK Financial Sanctions
Somalia Sanctions
To address the deteriorating situation in Somalia, specifically the acts of piracy and armed robbery taking place at sea off the coast of Somalia, the U.S. and the EU have recently introduced new sanctions related to piracy.

To review Marsh's client advisory statement regarding the new Somalia sanctions please select one of the links below:

Somalia Sanctions - English
Somalia Sanctions - French
Iran Sanctions
Recent sanctions against Iran implemented by the United Nations Security Council, the European Union, the United States and other nations will have significant impact on the insurance and reinsurance industries and their clients, particularly companies in the Iranian oil and gas industry.

To review Marsh's client advisory statement regarding the new Iranian sanctions please select one of the links below:

Iran Sanctions - English
Iran Sanctions - French