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Global Ship Insurers Set To Resume Almost Full Coverage For Iranian Oil Exports

Oil

Global shipping insurers are set to begin providing almost full coverage for Iranian oil exports on 20 February after striking a deal to provide cover without involving US domiciled reinsurers, Reuters reports, citing officials in Tokyo and London. Previously, 13 of the world’s largest ship insurers had created “fall-back” insurance, which insured tankers carrying Iranian oil up to around $830 million per ship. However, this was below normal coverage for tankers and risk-averse shipping refrained from interacting with such cargoes.