"The Islamic Republic of Iran will take all responsibility for insuring any foreign shipping line and any ship that enters Iranian waters," said Ataollah Sadr, the managing director of Ports and Maritime Organization.
"The Islamic Republic of Iran has adopted measures with the cooperation of Iranian insurance companies," he said. The EU enacted a ban on July 1 on insurance for tankers carrying Iranian oil, preventing EU insurers and reinsurers from covering tankers carrying Iran's crude anywhere in the world. A senior official from Iran's major tanker operator NITC told Reuters in June that it had secured insurance cover from privately owned Iranian provider Kish P&I, with $1 billion in insurance in the event of a collision or oil spill.
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