Trade Sanctions and their effect on P&I Cover (5.431)

This circular explains how trade sanctions introduced in relation to Iran affected London P&I cover for the 2011 policy year. It also sets out the Rule changes designed to protect London P&I from exposure where a claim payment could breach sanctions or could not be recovered from the Pool or reinsurers.

London P&I also highlights that sanctions may apply beyond the USA and Europe, and that members should consider the laws of any flag state or other jurisdictions to which they are subject.