One of the leading fixed-premium protection-and-indemnity (P&I) operations has been fined for providing cover for North Korean vessels.
Navigators Insurance claims to be one of the America’s most trustworthy companies, with offices in New York, a headquarters in Stamford, Connecticut, and a Nasdaq listing. Nevertheless, over a three-year period it violated US sanctions.
The company has agreed to pay a fine of $271,815 for 48 violations, a figure reduced from an initial base penalty of $755,000 as a result of co-operation with a US Treasury investigation and voluntary disclosures.
