Like everyone, we are disturbed by the events in Ukraine, and our thoughts are with all those affected. We wanted to provide you with an update on how the conflict could impact your insurance cover and how we can help.
The requirement for UK businesses to comply with rapidly changing laws, regulations and economic sanctions are pressing. We are working quickly to fully comply with the evolving sanctions regime irrespective of operational and financial implications. Some jurisdictions have indicated that further sanctions, in addition to those already announced, are likely.
Whilst we understand you may be facing uncertainty, it is difficult to provide definitive answers at this stage given the fast-developing sanctions and restrictions on trade or dealings.
Many insurers are making specific changes to cover. Where these are being applied, we will contact our clients directly to explain these. That said, with the evolving situation, there are several ways in which your insurance protection could be affected.
How Could Your Insurance Cover Be Affected?
The following are examples of touchpoints that may be affected by legal and regulatory developments, including sanctions, or where insurers are actively reviewing insurance cover availability. These may not all be relevant to your business, and we know that you can only report on the information you are aware of. However, any of the following examples with a Russian, Ukraine or Belarusian touchpoint should be referred to us immediately:
- Any turnover or sales to Russia, Ukraine and Belarus
- The nationality of the person in control or a shareholder with 25% or more interest
- The domiciled location of the parent company
- The location of the primary business operation
- The location or base of your leading suppliers or customers
- The location of any subsidiary, joint venture, or branch
- The location of any property
- Where an individual is either attached to an office in one of the listed countries or is travelling to one of the listed countries for business to service Russian, Ukrainian or Belarusian clients
- Transits to, from and within geographical areas of the Black Sea and Sea of Azov
- Any storage and/or transits to, from and within Ukraine, Russia within 200km of the land border with Ukraine, Belarus within 200km of the land border with Ukraine
Have Any Questions?
We continue to monitor the situation closely and will be in touch with our clients should anything change. If you have any queries, please do not hesitate to contact our team on 02920 853788 or at contact@thomas-carroll.co.uk.
