Iran Oil Curbs Extend to 95% of Tankers in EU Insurance Rules

European Union sanctions on Iranian oil will extend to about 95 percent of tankers because they are insured under rules governed by European law.

The International Group of P&I Clubs insures all but 5 percent of the global tanker fleet and its 13 member clubs follow European rules to participate in the claim-sharing pool, said Andrew Bardot, the London-based secretary and executive officer. Carrying Iranian oil would invalidate the ships’ cover against risks including spills and collisions, he said.