Iranian Company to Provide Insurance Coverage for More Tankers
News number: 9103085594 16:11 | 2012-07-08
http://english.farsnews.com/newstext.php?nn=9103085594

TEHRAN (FNA)- An Iranian insurance company announced readiness to provide
insurance coverage for more tankers carrying Iranian crude oil.

Speaking to FNA on Sunday, Managing-Director of Kish Protection and
Indemnity (Kish P&I) Mohammad Reza Mohammadi Banayee said Iranian insurers
can provide cover for oil tankers.

"Right now, the huge Iranian oil tankers exporting Iranian crude are under
the insurance of local insurance companies," Banayee said, adding that his
company will provide insurance services for 13 new oil tankers in the near
future.

The National Iranian Tanker Company managed to secure alternative cover
mainly in Asia and also in Iran from privately owned Kish P&I after it lost
ship insurance cover from European providers due to Western sanctions
imposed on Iran.

Protection and indemnity (P&I) clubs, owned by their ship-owner customers,
were created to cover shipping companies against personal injury or
environmental clean-up claims.

Meantime, Japan last month approved a bill to provide government guarantees
on insurance for tankers carrying Iranian crude.

The Japanese government wants to make the bill law this month to provide
protection cover of up to $7.6 billion per tanker carrying Iranian crude
bound for Japan.

Iranian oil accounted for nearly 9 per cent of Japan's crude imports last
year.