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Iran Oil Liability Fears Grow as Insurance Ban Bites

A ban on European Union insurers covering Iranian oil exports has forced shipowners to fall back on new, untested insurance providers, raising fears that governments may have to pay in the event of an oil spill.

By Jonathan Saul, Reuters, Myles Neligan, Reuters | Updated on November 14, 2012

LONDON (Reuters) – A ban on European Union insurers covering Iranian oil exports has forced shipowners to fall back on new, untested insurance providers, raising fears that governments may have to pay in the event of an oil spill.

The July ban, part of a range of Western sanctions aimed at forcing Iran to scrap its disputed nuclear programme, has cut off the Iranian oil trade from Europe’s so-called Protection and Indemnity (P&I) clubs, which account for the majority of cover for the tanker market.

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