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Iran Crude Carriers Liable Under Japan Shipping-Insurance Rules

Tankers using Japan’s shipping-insurance association to purchase coverage for Iranian crude cargoes will be liable for any costs not recovered through reinsurance due to sanctions against Iran.

The Japan Ship Owners’ Mutual P&I Association said in a letter on its website that shippers buying liability insurance for Iranian crude after European Union sanctions take effect in July must agree in writing to pay for damages or other charges that the association’s Europe-based reinsurers are unable cover.