Chairman of Iran Insurance Company said on Tuesday that 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 (ISNA).
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 added.
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.
Earlier this year, 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 1 July. 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 1 August to prevent Iran from selling oil.
New Delhi allowed its state-run insurers also provide limited cover to Indian ships transporting Iranian oil, ensuring that Indian refiners receive uninterrupted supplies from Tehran.
India’s Insurance and Regulatory and Development Authority (IIRDA) announced state-run insurers can replace their European counterparts, enabling at least Shipping Corp Of India to resume transporting Iranian oil, officials said.