Marine Insurance Restrictions (in the U.S. and in Foreign Countries)

RESTRICTIVE LAWS / REGULATIONS 
(IN UNITED STATES AND IN FOREIGN COUNTRIES)

U.S. RESTRICTIONS

The U.S. Government, through the Office of Foreign Assets Control (OFAC), has determined that American citizens (companies or individuals) may not generally do business with governments / companies / individuals in certain foreign nations.   These prohibitions apply to marine insurance as well as other types of business.   Please understand that OFAC regulations are complicated and that they vary from country to country.  In some cases, certain items may be insured (i.e. humanitarian aid) notwithstanding the general prohibition.  In general, however, it is likely that you are prohibited from writing the marine insurance on risks associated with these countries.  For much greater detail, click onto OFAC's website www.treas.gov/ofac.

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Crystal - Lloyd's Global Trading Information
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