US Sanctions No Bar To Insurers Paying For Theft In Iran

Law360, London (October 12, 2018, 6:56 PM BST) -- U.S. sanctions do not prevent nine insurers, including British units of insurers Aegis, Chubb and Markel, from paying out after thieves stole $3.8 million of steel from an Iranian port in 2012, London’s High Court ruled on Friday.

Nine insurers, including British units of Aegis, Chubb and Markel, can’t rely on U.S. nuclear sanctions to avoid paying out after thieves stole $3.8 million of steel in northern Iran, a London High Court judge ruled Friday. (AP) Judge Nigel John Martin Teare ruled that Mamancochet Mining Ltd. is entitled to around $1.7 million under its marine cargo insurance, after unidentified criminals used...

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