Cuban Sanctions – Hull and War Insurance
UPDATE 25 October 2016 Since our original post, the US has continued to roll back the sanctions in place with the latest amendment significantly reducing the ban on vessels calling in to the US for 180 days after a call to Cuba. Essentially, if the cargo being carried to Cuba is on the latest list as an EAR99 cargo, then the ...
Continue ReadingInsurance impact of South China Sea ruling
This article can be found here and originally appeared in Insurance Business on 14 July 2016 The decision by an international tribunal to rule against Chinese claims to rights in the South China Sea should have a limited impact on the insurance market, a marine specialist has said. The Permanent Court of Arbitration, based in The Hague, ruled that there ...
Continue ReadingOil and shipping markets on edge after South China Sea ruling – Our Comments
Full story from Reuters can be found here or at www.reuters.com “Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing’s claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands, found China had breached the sovereign rights of the Philippines ...
Continue ReadingIran Sanctions lifted on 16 January 2016 aka Implementation Day (updated)
Further to the Joint Comprehensive Plan of Action (“JCPOA”) agreed on 14th July 2015, the EU and the United States agreed on 16th January 2016 to partially lift the nuclear-related sanctions against Iran. Whilst operators are certainly eager to engage in commercial activities with Iran, the 2nd largest economy in the region, it is critical first to review the extend ...
Continue ReadingIran Sanctions being lifted…but still in place (Updated 3 Sept 15)
Update 3 September 2015: As the US moves towards congressional approval of the deal with Iran, timelines are becoming a little clearer now. Whilst, as at today’s update, the sanctions remain fully in place it appears more likely that the deal will be approved by the US, then the UN and, of course, Iran. At the same time, there appears ...
Continue ReadingCuban Sanctions – Cargo Insurance
Given the US and Cuba are restarting their diplomatic relationship, the sanctions that have been in place for over 50 years are anticipated to be softened and finally extinguished completely. Whilst regular trade to/from Cuba has been complicated and rare until now, this is set to change and quickly – so how does is your insurance affected? Cargo Insurance Cargo insurances often (but ...
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