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Japan P&I Club resumes normal coverage for tankers carrying Iranian oil

January 22, 2014 - 6:00am


An official of the Japan P&I Club said the insurer has resumed normal coverage for tankers carrying Iranian oil as European Union reinsurance has become available again, reports Reuters.

A government official said Japan's sovereign fund will stay put for now, but will not be liable for insurance payments.

Andrew Bardot, executive officer of the International Group of P&I clubs, said the resumption of cover "does not fully open up the insurance of the trade."

Mr. Bardot added "it is restricted to current importers based on their import quotas and it is for six months only."

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