As a continuous communication we would like to inform you about the impact of current ongoing scenario between Russia and Ukraine. Russia started a full scale invasion on 23rd February 2022. Consequently various geo political scenario has been changed. Russia will have to face impositions of trade & economic sanctions by US, UK, EU , United nation and many other nations.
Implications under Marine Insurance:
Imposition of various sanctions may prejudice your future coverage under marine policy due to inclusion of Russia in sanction exclusion and limitation clause by insurer.
Regarding the fresh consignment to be shipped – it is advisable that no new consignment is shipped or routed to, through, from and/or within Ukraine, Ukraine territorial waters, Russian Black Sea territorial waters, Sea of Azov, Russian Black Sea ports, Sea of Azov ports and Russian territories within 200kms of the Ukrainian border going forward.
Looking at the present scenario it is advisable not to ship or import cargoes from Ukraine and Russia or pass through the territorial waters of the Ukraine and Russia or their airspace
As of now whatever is dispatched is held covered under the marine policy and also against the risk of War. But war risk coverage is available only when the consignment is waterborne. No cover during land journey.
Regarding the consignments already dispatched , the following possibilities may be there
- There may be termination of the contract of carriage at a port or place other than the destination named therein or the transit is otherwise terminated before unloading of the subject-matter insured
- There may be change in the voyage
- And because of the above reasons , you may try to find out an alternative buyer from the changed port or you may try to bring back the consignment .
- And for this it is necessary to inform the insurance company as soon as possible to have the continuity of the marine coverage and also to take care of the additional freight and other incidental charges.
Should you need any clarification, please reach out to us
Thanking You
BEACON INSURANCE BROKERS PVT LTD