February 05, 2023
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"

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.”