Urgent notification: Iran Sanctions
The decision by President Trump announced on 8 May 2018 to cease the US participation in the Joint Comprehensive Plan Of Action (JCPOA) and to begin re-imposing US nuclear-related sanctions which were lifted to implement the JCPOA, has had significant ramifications for maritime trade with Iran and the insurance of such trade. Insurance companies, IG Group Clubs and banks have become increasingly cautious about continuing to insure and process payments that concern such trade as we approach the full re-imposition date in November.
The Strike Club has been following developments and taking advice on its implications. The club must now advise its members that trade to Iran will no long be covered because of the unacceptable risk that providing insurance will lead to the US sanctions regime being invoked, with consequent implications for cover under Rule 11(f) and, in respect of loss of hire and war clients, the applicable sanctions clause incorporated in the contracts.