This circular provides further advice to Members regarding insurance cover arrangements following the partial lifting of Iran sanctions under the JCPOA.
The continuing application of US primary sanctions to US domiciled reinsurers participating in the Group's reinsurance arrangements means that Members remain exposed under Club sanctions' rules to the risk of partial reinsurance shortfall in respect of non-certified liabilities towards or incurred by Iranian interests. The Internatinal Group is working on a "fall-back" reinsurance protection to cover the default risk.
This circular informs Members for Renewal 2016 Policy Year
This circular informs Members the Supplementary Call for 2014 Policy Year, Closed Policy Year and Open Policy Year
According to the information from IMO website, the 2012 Amendments to increase the limits of liability in the 1996 Protocol to the Convention on Limitation of Liability for Marintime Claims (LLMC) shall enter into force on the 8th June,2015.
It was announced on 2 April 2015 that the so-called P5+1 powers (China, France, Germany, the Russian Federatin, UK and USA), the European Union and Iran had reached a framework agreement which, subject to further and detailed negotiations to be completed by 30 June 2015, will see sanctions agrainst Iran relaxed in exchange for significant and verifiable steps to be taken by Iran in realation to its nuclear programme.
On 14 April 2014 the Nairobi International Convention on the Revoval of Wrecks, 2007 ("the Convention") achieved the requisite number of ratifications (10) triggering the entry into force conditions. The Convention will enter into force in State Parties on 14 April 2015.
The Association has been alerted to the risk of possible liquefaction of cargoes of bauxite that may originate from Malaysia and Indonesia.