Commercial Vessels Crossing the Strait of Hormuz Have Not Benefited from US Insurance Coverage Program
ARK News.. A British newspaper reported that commercial vessels passing through the Strait of Hormuz have not benefited from the US insurance coverage program, despite plans previously announced by Donald Trump.
The British newspaper Financial Times said in a report: “The program, valued at $40 billion, has not been used at all so far... despite insurance rates remaining far higher than pre-war levels.”
According to the report, insurance brokers confirmed that the program was never implemented, as it did not meet all the requirements for vessels crossing the strait. It was also linked to the escorting of ships through the Strait of Hormuz, a measure that has not been fully carried out.
US President Donald Trump had announced last March that the US Navy would begin escorting oil tankers through the Strait of Hormuz as soon as necessary, noting that Washington would provide insurance for all commercial shipments passing through the waterway at “very reasonable” rates.
According to the British newspaper, US authorities had already contracted two insurance companies to help manage and provide the insurance coverage, although no requests for implementation have been recorded so far.
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