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'Iran’s Kish P&I Club and Qeshm International Trust Alliance (QITA P&I Club) have been granted permission by India till February 2020 to provide cover to Iran tankers bringing crude to the country with a liability limit equivalent to the one extended by a London-based global insurance group,' wrote the Hindu Business Line on Wednesday.
During the earlier round of sanctions, India approved the two Iranian ship underwriters to provide insurance for container, tanker and bulk vessels calling at Indian ports. Such approvals were initially given on a quarterly basis which was later granted for a six-month period and subsequently for a year. The latest extension will run through February 20, 2020, the Hindu Business Line wrote.
Globally, such third-party risks are insured with the IG Clubs, a 13-member group based in London that provides liability cover for about 90 percent of the world’s ocean-going ships, placing a $ 1-billion limit on individual claims.
Indian companies have imported 468,000 barrels of oil from Iran in July, and plan to double it in the remaining months of 2018 and the following year.
On May 8, affronting the UN Security Council, the EU, Britain, Russia, China, Germany, France, and the whole world that have supported the landmark Iran Deal, US President Donald Trump decided to pull out of the Joint Comprehensive Plan of Action (JCPOA), which was the fruit of 12 years of strenuous efforts and talks.
Oil sanction is part of Trump's plan, to be imposed on November 4, to pressure Iran to give more concessions than what were agreed upon in the JCPOA.
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