Iran ‘terrorist’ designation presents marine insurance quandary

Making payments to transit the Strait of Hormuz could land shipowners in a legal grey area, particularly given that Iran’s Islamic Revolutionary Guard Corps has been designated as a terrorist organisation by several countries

IRAN’S decision to charge shipowners for Strait of Hormuz transits leaves marine insurers in an unclear legal position, particularly when it comes to constructive total loss claims for deprivation of use, an industry audience has been told.