39652
IG Raises Limit for Iran Fall-Back Cover
Economy, Business And Markets

IG Raises Limit for Iran Fall-Back Cover

The International Group (IG) of protection and indemnity clubs has obtained an increased limit of €100 million ($112 million) for its Iran “fall-back” cover, the group announced on Friday.
The International Group has bought “fall-back” cover for the 2016/17 policy year, which is designed to respond to reinsurance recovery shortfalls that would result from the inability of US-domiciled reinsurers on the Group General Excess Loss reinsurance program and Hydra reinsurance program to make payments due to the continuing application of US primary sanctions against Iran.
The organization protects more than 90% of the world’s crude carriers against risks, which include spills. Iran has been using Kish P&I, backed in part by the government, for shipping insurance.
The new limit is an increase of €30 million from the initial figure. The group also secured underwriters’ agreement to a second full reinstatement of cover.
“The group remains of the view that the limitations of the fall-back cover, while mitigated to an extent by the increase in limit and the additional reinstatement, mean that it does not provide a long term solution to members’ needs, “ reads a statement on Japan P&I website.
The group therefore continues to engage with the US administration to find a solution to the ramifications for P&I insurance of continuing application of US primary sanctions, and a further report will be made in due course.

 

Short URL : http://goo.gl/ch1mpq
  1. http://goo.gl/ZRKZAA
  • http://goo.gl/bfsOgP
  • http://goo.gl/Hwqjfn
  • http://goo.gl/WVbWgq
  • http://goo.gl/7sQQAa

You can also read ...

WTO Accession No More a Priority for Iran
Iran says joining World Trade Organization is no more a...
Rouhani Sends Banking Reform Bills to Parliament
Following an approval by the Cabinet and a presidential...
Bill on Construction Quality Inevitable
In order to curb the construction of substandard buildings,...
One factor causing a drop in Chinese steel in Iran is their rising prices.
Chinese steel was everywhere in the world for the good part of...
TSE’s Average P/E at 5.6
The average price to earnings ratio of Tehran Stock Exchange-...
Peugeot’s 301 model is on sale in Turkey for more than three years.
Iran Khodro dealers confirm that the new Peugeot 301 sedan is...
IKCO Launches Taxi Made in China
Iran Khodro has unveiled the DongFeng S30 as part of a push to...
Iran’s per capita egg consumption stands at 198.
Hit hard by the H5N8 bird flu virus last year, the Iranian...

Trending

Googleplus