Iran tariffs endanger Strait shipping
Lloyd’s Market Association has issued a new clause in maritime insurance policies outlining the responsibility of insurers regarding fees imposed on ships transiting the Strait of Hormuz. The clause states that the insurer is not responsible for compensating any illegal transit fees paid by the ship and grants insurers protection from liabilities if such fees are paid. This clause comes amid rising tensions surrounding ship passages through the area, where Iran imposes charges that could lead to loss of insurance coverage and disruptions in oil flows, with the risk of violating US and international sanctions. The use of this clause remains flexible, as it can be adjusted based on the nature of the voyage and the level of risk, but it may also lead to stricter insurance conditions for ships passing through the strait.
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