Marine insurance gatekeeper issues warning against business with North Korea



News Marine insurance gatekeeper issues warning against business with North Korea International Group of P&I Clubs urges members to follow "highest level of due diligence" Min Chao Choy May 5, 2020 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON NK News The London-based International Group of P&I Clubs late last week issued a circular to its members warning that any maritime activity in breach of sanctions against North Korea would result in withdrawal of insurance coverage. Published in response to a recent report on North Korea sanctions by the UN Panel of Experts, the circular added "even if it were possible to undertake legitimate trade with North Korea," coverage for vessels involved in such business was “unlikely” and payment of claims “perhaps completely prohibited.” The London-based International Group of P&I Clubs late last week issued a circular to its members warning that any maritime activity in breach of sanctions against North Korea would result in withdrawal of insurance coverage. Published in response to a recent report on North Korea sanctions by the UN Panel of Experts, the circular added "even if it were possible to undertake legitimate trade with North Korea," coverage for vessels involved in such business was “unlikely” and payment of claims “perhaps completely prohibited.” Become a member for less than $5.75 per week. Unlimited access to all of NK News: reporting, investigations, analysis The NK News Daily Update, an email newsletter to keep you in the loop Searchable archive of all content, photo galleries, special columns Contact NK News reporters with tips or requests for reporting Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts. Subscribe now All major cards accepted. No commitments – you can cancel any time. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Update Start your day with the North Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily News Update. Trending

News

Marine insurance gatekeeper issues warning against business with North Korea

International Group of P&I Clubs urges members to follow "highest level of due diligence"

Min Chao Choy May 5, 2020

Marine insurance gatekeeper issues warning against business with North Korea

NK News

The London-based International Group of P&I Clubs late last week issued a circular to its members warning that any maritime activity in breach of sanctions against North Korea would result in withdrawal of insurance coverage.

Published in response to a recent report on North Korea sanctions by the UN Panel of Experts, the circular added "even if it were possible to undertake legitimate trade with North Korea," coverage for vessels involved in such business was “unlikely” and payment of claims “perhaps completely prohibited.”

Become a member for less
than $5.75 per week.

Unlimited access to all of NK News: reporting, investigations, analysis
The NK News Daily Update, an email newsletter to keep you in the loop
Searchable archive of all content, photo galleries, special columns
Contact NK News reporters with tips or requests for reporting

Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts.

Subscribe now

All major cards accepted. No commitments – you can cancel any time.

Marine insurance gatekeeper issues warning against business with North Korea

Become a member for less than $5.75 per week.

Start your day with the North Korea stories that matter most –

as selected by <img width="226" height="50" class="logo" src="https://www.nknews.org/wp-content/themes/nknews/images/header-logo.png" alt="NK News Logo">

One more step!

Trending

Recent Stories

About the Author

Min Chao Choy

Become a member for less
than $5.75 per week.

Start your day with
the North Korea stories that matter most –

as selected by