The six-month temporary relief of EU and US sanctions measures relating to transportation and insurance of petrochemical cargoes from Iran and Iranian crude to NDAA waiver countries has been extended until 24th November 2014
Circular 6/14: European Union Sanctions in respect of Crimea and Sevastopol - COUNCIL REGULATION (EU) No 692/2014 of 23rd June 2014 concerning restrictions on the import into the Union of goods originating in Crimea or Sevastopol ("the Regulation")
VRP requirements for Alaska now allow enrolment with Alaska Maritime Prevention and Response Network (AK-MPRN);AK-MPRN indicates the owner's QI may be required to contract with as yet unidentified resources without any prior opportunity to review the contract terms; It is currently impossible to ascertain the risk of such contractual terms falling outside the scope of Club cover.
Individual Club retention to remain at $9 million; The Group Pool retention increased to $80 million; Hydra's coinsurance share of the first layer to remain at 30 per cent; Group Pool to remain in three layers but adjusted for the increased Pool retention; 5 per cent of the market reinsurance placed in two layers excess of $100 million to $1.1 billion on a three year fixed basis; US Voyage surcharge reduced to nil; Reinsurance rates per gross ton increased for all ship categories
The 'US Oil Pollution Clause' is deleted reflecting the reduction of US voyage additional premiums to nil. This circular refers to previous circulars 8/12 and 4/13
