American companies not allowed to insure Iranian tankers; Shahram Farahbod
Top National Iranian Tanker Company talks about insuring the vessels after JCPOA.
“Shahram Farahbod”, National Iranian Tanker Company’s (NITC) deputy in insurance affairs, in response to questions regarding whether Iranian tankers are covered by American insuring companies, noted that according to JCPOA, Americans are not allowed to have trade and business relations with Iran.
He reminded that the US Department of Treasury should grant the American insurers presence, which hasn’t been granted yet. As such, American insurers have been replaced by Non-American ceding companies (reinsurers).
“Currently Protection and Indemnity (P&I) Clubs (Namely International Groups of P&I Clubs) are insuring Iranian vessels. Without joining these clubs, entering international markets are not possible” the Oil Company top official emphasized.
Regarding the presence of Iranian insurance companies in covering these tankers, he reported that at the moment, Iranian insurance companies like Kish and Qeshm Mutual P&I Clubs are insuring the tankers. He reminded that these companies were helping out at the time of sanctions.
Farahbod also added that during the time that Iranian vessels were banned, we have been focusing our oil export to China, India and Sri Lanka but nowadays we also target Spain and Netherlands.