LONDON, March 19. /TASS/. The US administration is considering requiring ships escorted by the US Navy in the Strait of Hormuz to purchase insurance from the US government, the Financial Times (FT) newspaper reported, citing sources.
This refers to the insurance of merchant ships under a program run by the US government’s International Development Finance Corporation (DFC) implemented jointly with a private insurance company Chubb, instead of purchasing commercial insurance on the private market, the publication said. According to DFC, the amount of such reinsurance for merchant ships passing through the key maritime artery with naval escort could reach $20 bln.
According to representatives of the insurance industry directly in contact with the American corporation, owners of vessels wishing to pass through the strait under the protection of the US Navy will be required to purchase US government insurance for their hull, machinery, and cargo. Washington’s revenue from providing such services could reach tens of millions of dollars.
However, experts admit that significant uncertainty remains about whether US President Donald Trump’s promised naval protection is realistic. At best, such insurance coverage will not become available for at least a week, according to two sources. The US Navy is currently trying to determine how to provide escorts to minimize the threat to ships in the face of Iranian strikes using drones, missiles, and explosive-laden speedboats, according to the publication.
The insurance rate for ships passing through the strait connecting the Persian Gulf with the Gulf of Oman and further on to the Indian Ocean currently stands at 3% of the vessel’s value. Before the US and Israeli strikes on Iran, it did not exceed 0.25% of the value.