03 AO TS (03 06 26) - AIG Moratorium on Foreign Business in the Middle East Region

Sharing guidance with our business partners that we received regarding business in the Middle East as respects any foreign (non-U.S.) business, incidental or otherwise.

 

Due to the evolving situation in the Middle East, effective immediately, there is an underwriting moratorium in place for new business in the following countries and territories: Israel, Gaza, West Bank, United Arab Emirates, Saudi Arabia, Turkey, Qatar, Kuwait, Oman, Bahrain, Iraq, Egypt, Cyprus, Lebanon, and Yemen.  Any new business opportunities in these geographic areas that include coverage for Defense Base Act, Political Violence, Political Risk, Marine War, Cargo War (covering the Persian/Arabian Gulf, Strait of Hormuz, Arabian Sea, and the Red Sea), Energy, Property, KRE, Aviation, Cyber (for insureds domiciled in the affected countries) and Accident & Health must be referred to your Program Manager so they may coordinate and request approval from the AIG Global CUO.

 

AIG’s standard underwriting and sanctions protocols remain in full effect, including the application of War and Terrorism exclusions. As such, any new and renewal policies that do not include these exclusions is also a referral to the AIG Global CUO.

 

If you have any current or outstanding new and renewal quotes that fall under these criteria, please notify your Program Manager so they may coordinate a proper review and request approval.  

 

As this situation remains fluid, we are keeping a close eye on developments in the region and will share further guidance or updates to these temporary measures as things continue to evolve.

 

If any questions or concerns, please don’t hesitate to reach out to your Program Manager.  Thank you.