Home > Glossary

Export And Or Import Embargo Indemnity

Definition

Coverage of loss that occurs when import restrictions imposed by the government of the buyer's country or an export embargo in the seller's country frustrates an overseas contract. Similarly, should a contract include goods manufactured in a third country, substantial additional costs might be incurred if export restrictions were imposed in the subcontractor's country; or, in circumstances where subcontracted goods were being imported into the main contractor's country, an import embargo on such goods may be imposed. It is possible to cover losses incurred when contracts are frustrated in this way by means of an export/import embargo indemnity.

Beacon Hill sidebar
Personal Lines CE sidebar
AgriCon-Banner-(728x90) (002)

Navigation

Social Media

User ID: Subscriber Status:Free