Invasion of Ukraine: The impact on insurance | woodruff sawyer

Impact on cargo and maritime property

Marine Cargo is one of the most impacted coverage lines of events in Russia and Ukraine. These policies do not cover damages or expenses resulting from wars, insurrections or any hostile act by or against a threatening power.

We have been notified that some Cargo insurance companies have invoked their right to issue a specific Notice of Cancellation (NOC) for risks of War, Strikes, Riots and Civil Commotion (SRCC) in, to and from Russia, Ukraine, Black Sea , and Sea of ​​Azov within territorial waters. These NOCs are subject to the Notice of Cancellation period which can vary from 48 hours to 7 days. Carriers are then reinstating coverage and setting geographic stipulations for future wars, strikes, riots, and civil commotion.

Until now, coverage will remain in effect for shipments to Russia or Ukraine, excluding War and SRCC, and subject to the remaining terms and conditions of your policy. If your policy offers coverage for War and SRCC in other geographies, your coverage should not be affected in those regions.

Several carriers are taking a more customer-centric approach, requesting information related to shipments to and from Belarus, Ukraine, Russia, or anywhere around the Black Sea. Subject to a satisfactory review, an exclusionary endorsement may not be required.

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