A total of 77 Iranian ships are now receiving protection and indemnity coverage from Steamship Mutual Underwriting Association Limited denied during the sanctions as the country has managed to become a member of three P&I clubs…
A total of 77 Iranian ships are now receiving protection and indemnity coverage from Steamship Mutual Underwriting Association Limited denied during the sanctions as the country has managed to become a member of three P&I clubs, says the director of IRISL’s Insurance Brokerage.
“During the sanctions era, covering all potential risks had to be covered by domestic entities and if an incident happened, the government-backed reinsurance fund and local insurers had to bear the costs–an inevitable scenario due to the limitations imposed by sanctions,” Mohammad Reza Banaei was quoted as saying by IRISL’s website.
However, after the implementation of the nuclear accord in January 2016 and lifting of sanctions, it was decided in coordination with the Central Insurance of Iran that coverage of crises such as oil spill would be assigned to foreign insurers, he added.
“In line with this, IRISL managed to receive coverage from international P&I clubs and become a member of [Oslo-based Assuranceforeningen] Skuld, West of England, and Steamship Mutual,” Banaei said.