Iran oil-shipping insurance ambiguous

[LONDON] Insurance for tankers to export Iranian crude may be unusable even after the US and the European Union eased sanctions against the Persian Gulf state, a group covering vessel owners said.

Ship owners hauling Iran's oil may go unpaid if they claim against insurance policies after July 20, the date temporary relief of sanctions on the nation is due to expire or be renewed, Gard, an Arendal, Norway-based organisation covering against risks including oil spills, said in an update on its website on Tuesday. The Office of Foreign Assets Control, part of the US Treasury, declined to clarify whether claims would be recoverable after July even if the incident happened before then, Gard said.

The US and its allies agreed to ease some sanctions against Iran for six months starting Jan 20, part of a deal designed to curb the Middle East country's nuclear programme. The relaxation included suspending an EU insurance and reinsurance ban that had barred most international tanker owners from getting coverage to carry Iranian oil. The EU prohibition helped limit Iran's oil exports, which the US estimated fell 60 per cent since the measures started in 2012.