Centre Permits Two Iranian Insurers To Offer $1-billion Cover For Tanker Shipments Till 2020


Centre Permits Two Iranian Insurers To Offer $1-billion Cover For Tanker Shipments Till 2020

Iran’s Kish P&I Club and Qeshm International Trust Alliance (QITA P&I Club) have been granted permission by India till February 2020 to provide cover to Iran tankers bringing crude to the country with a liability limit equivalent to the one extended by a London-based global insurance group. This will help in continuing oil supplies from the sanctions-hit Persian Gulf nation.

Kish P&I Club and QITA P&I Club — backed by a sovereign guarantee from the government of Iran — will provide $1 billion limit on individual claims, according to the Shipping Ministry.

A government panel approved the application of the two Iranian P&I Clubs after assessing their capability on 16 counts to extend the full $1-billion cover — the limit of any third party claim, a Shipping Ministry official said.  Read more

Leave a Reply

Your email address will not be published.