Like them or loathe them, sanctions appear to be here to stay and will likely form a key part of government foreign policies for years to come. Compliance with western sanctions is now (or should be) an integral part of any international business. That is perhaps true for shipping more than any other sector: in its day-to-day operations, shipping has felt the squeeze of sanctions and the myriad legal, regulatory and compliance problems they create.
The effect of sanctions across the market is clear. But, the impact on P&I insurers and their ability to support their assureds in the ways in which all parties have become accustomed to is perhaps not so well understood.
In this webinar, Sammy Smallbone discussed how western sanctions have affected his work and Gard’s administrative operations. He discussed his experience in handling questions of sanctions compliance in underwriting and claims situations, and how the regulatory demands of sanctions have over a short and relatively intense period had a dramatic effect on P&I insurance.
- The impact: before and after the Russian invasion of Ukraine
- Diligence due: underwriting, claims, additional premium
- Keeping everyone happy: clients, brokers, underwriters, claims handlers
- Gearing up: assessing and re-assessing risk exposures across the business