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Insurers in discussions to secure reinsurance for Iran oil shipments

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The International Group of P&I Clubs is in discussions with the U.S. State Department and the Office of Foreign Assets Control seeking exemption from sanctions to be able to adequately cover cargoes of Iranian oil shipments, reports Hellenic Shipping News citing Platts.

Insurers are still facing problems in covering Iranian ships as several firms that deal with reinsurance are based in the United States.

Sources said that the group also suggested to the OFAC that fall-back insurance must be permitted to bridge any shortfall that may arise in claims involving trade with Iran.

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