Publishe Date: 8:22 PM - 9/4/2012 | Print

Iran's Major Insurer Offers P&I Cover to All Tankers Carrying Iranian Oil

Economy - Chairman of Iran Insurance Company Javad Sahamian said Tehran will provide insurance cover for any oil tanker carrying Iranian crude oil.

"After the sanctions, Iran extends insurance coverage for every oil tanker loading in Iranian ports," Sahamian told the Iranian students news agency.

Iran provides tankers with liability cover or Protection and Indemnity (P&I) insurance and now stands at the 14th place in the ranking of the International Group of P&I Clubs, he said.

P&I is a marine insurance that provides ship owners against third party liabilities including personal injury to crew, passengers and others on board, cargo loss and damage, oil pollution, wreck removal and dock damage.

Last January the EU approved sanctions against Iran's oil sector by banning EU states to purchase the country's oil or extending insurance coverage for tankers carrying Iranian crude oil. The sanctions came into effect on July 1. The EU took the measure under US pressures targeting Tehran's nuclear program.

Also the US congress approved embargoes against banks, insurance companies and shippers on August 1 to prevent Iran from selling oil.

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