Insurers likely to include Iran-related exclusions in policies

9/25/2018 5:45:00 AM

Source: Business Insurance

Experts said that insurers and reinsurers across the world are expected to include an exclusion clause for Iranian business in insurance policies following U.S. sanctions against the country, reported. Daniel Pilarski, partner at U.K.-based law firm Watson Farley and Williams, said that shippers are likely to face difficulties in buying insurance for vessels and cargo as several protection and indemnity clubs will stop covering Iran-related trade. Vanand Meliksetian, official at Dutch consultancy firm Sia Partners, said that China is likely to use insurers that have no direct exposure to the U.S. to conduct business with Iran.