Circular 14/18: Review of open policy years and 2019 General Increase: Standard deductible remains unchanged at US$12,000 per event for the 2019 policy year. Any change in the cost of the International Group reinsurance will be passed on to the mutual Members. An explanation of the financial background to the Board’s decisions can be found in the “Autumn Statement 2018” which accompanies this Circular.
The International Group has engaged extensively with the (OFAC) in the U.S. and its European counterparts to explain some of the practical effects arising from the reactivation of U.S. secondary sanctions
The decision by President Trump announced on 8th May, 2018 to cease the US participation in the JCPOA and to begin re-imposing US nuclear-related sanctions which were lifted to implement the JCPOA, is likely to have significant ramifications for maritime trade with Iran and the insurance of such trade.