Policyholders who conduct business in Russia or Ukraine should take a close look at their political risk and trade credit policies, which are often customized, to see what coverage if any they may have in light of the geopolitical crisis, experts say.

It is important “to dust off your polices, and see what you have for purposes of figuring out” if there is coverage to “allay some of the financial repercussions” involved, said Linda D. Kornfeld, a partner with law firm Kasowitz, Benson, Torres & Friedman L.L.P. in Los Angeles.

Ms. Kornfeld, a policyholder attorney who specializes in insurance coverage litigation, said these policies are frequently fairly individualized, so a determination of whether they are applicable “will require a careful review of the specific terms.”

Furthermore, “these policies generally have sometimes fairly detailed procedural requirements regarding how quickly you need to inform the insurer of a potential exposure,” and require the policyholder to inform the insurer of the activities it is engaged in to reduce the business losses, Ms. Kornfeld said.

“Read, understand and seek clarification on causes of losses” under your policies and “what exactly is anticipated in the coverage,” said Jim Quirk, Boston-based vice president and practice leader for trade credit and political risk at Wells Fargo Insurance Services USA Inc.

Richard S. Maxwell, New York-based chief underwriting officer and global head of political risk and trade credit for XL Group P.L.C. said policyholders are “going to have to obviously monitor their exposures carefully, monitor their business very carefully, and keep the lines of communication open with their counterparties in both Russia and the Ukraine to understand which way the political and economic wind will take them.”

Meanwhile, companies affected because they conduct business with one of the U.S.-sanctioned Russian entities can appeal to the U.S. Treasury Department's Office of Foreign Assets Control to continue doing the business, said Thai Hong, Kansas City, Mo.-based vice president of international business, at Lockton Cos. L.L.C.

Wells Fargo's Mr. Quirk also recommended companies have an evacuation plan in place for expatriated employees that covers issues including the availability of flights out of the country and alternative ways to leave.