strait of hormuz iran

Iranian Sanctions to Limit Japanese Insurance Club’s Coverage on Oil Tankers

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February 27, 2012

strait of hormuz iranLONDON (Dow Jones)–New European sanctions will limit coverage of Iranian oil ships by the Japan P&I Club, the club said Monday, as the measures start biting in Asia.

The club’s reinsurance program will be affected by the new European Union sanctions which “will impact [its members’] ability to make a recovery from Japan P&I as the Club is not able to pay out on claims in relation to which it can make no recovery from reinsurers,” the club said in a statement posted on its website.

However, “the Japan Club may continue to insure non-EU based members who transport Iranian crude oil” as long as the ships involved aren’t registered within the EU, the voyage is outside the jurisdiction of the EU and no EU nationals are involved, it said.

-By Benoit Faucon; Dow Jones Newswires

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