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| IIC ready to insure tankers carrying Iranian oil |
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Iran Insurance Company (IIC) Chairman Javad Sahamian has said Tehran will provide insurance coverage for any oil tanker carrying Iranian crude oil.
However, he did not give details on the level of coverage the company was offering.
"After the sanctions, Iran extends insurance coverage for every oil tanker loading in Iranian ports," Sahamian said.
He also said Iran "now stands in 14th place in the rankings of the International Group of P&I Clubs."
European sanctions on Iran came into force on July 1, 2012, meaning ship owners found carrying Iranian products, either as fuel or cargoes, will loose their P&I coverage from European companies, which account for approximately 90% of the world's shipping tonnage.
Seyyed Ataollah Sadr, the managing director of Iran's Ports and Maritime Organization, said in July that the Islamic Republic would give insurance to "any foreign ship that enters Iran's waters" but did not elaborate on how the scheme would work in practice.
The consortium providing the insurance is reported to include domestic insurance firms Kish P&I, itself underwritten by Central Insurance of Iran, and Razi Insurance Company, which in August was reported by the Fars News Agency (FNA) as "ready to join the consortium of domestic companies in this field."
"As regards providing insurance coverage for oil tankers in times of sanctions, we have also expressed our readiness to provide part of the share for oil tankers' insurance," he stated.
(Source: shipandbunker.com)
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