The inability of ships that carry Iranian oil to gain proper insurance cover could cause big problems, according to independent marine insurance consultant Sam Ignarski.
Ignarski, who is the face behind the much revered Bow Wave e-zine, says that the EU’s embargo effectively means that any tankers docking at Iranian oil refineries cannot gain proper insurance.
“This means that they have to self insure, or worst, trade uninsured,” he says.
In particular this will affect Iranian and Chinese ships, as China is one of Iran’s biggest customer for oil.
“It is the only time that I can remember that international policy has meant that a whole national interest cannot get insurance for their third party liability. It’s something new, and I’m not sure whether the world is going to like it if something bad happens, like an oil spill or a lethal casualty. There is certainly trouble brewing.”
To continue reading, you need a subscription to Intelligent Insurer. Start a subscription today for £655.
In-house feature articles, the archive and expert comment require a paid subscription. Subscribe now.
Want to give it a try? We are offering a two week free trial to the Intelligent Insurer website – register and select “Two Week Free Trial” to begin access to the full Intelligent Insurer archive and read the latest news, features and expert comment. Begin your free trial here.
Is your 2 week free trial about to end? Upgrade to a 12 month subscription for £655 now.
If you have already subscribed please login.
If you have any technical issues please contact support.
Iran, marine insurance, Sam Ignarski, China