According to a recent report from Reuters, London’s marine insurance market has added Iran to a list of areas deemed high risk. The Lloyd’s Market Association (LMA) announced the move on Monday, March 22, 2010, ahead of possible sanctions being pushed by the U.S., among other countries. The Reuters article, authored by Jonathan Saul, further reported that the London marine insurance market, which plays an influential role in the global marine insurance industry, added Iran to a list of areas it considered high risk for merchant vessels and prone to war, strikes, terrorism and related perils through its Joint War Committee on March 11. In that regard, the secretary of the LMA, which represents the interests of all underwriting businesses in the Lloyd’s market, stated that ships transiting the area will now be required to provide notice to the underwriters of any voyages up to 12 nautical miles off the coast of Iran. You can view the Reuters article by clicking here.
In related news, Reuters also reported on March 24 that a draft of the U.N. sanctions drafted by the U.S. “urge[s] vigilance against Iran’s central bank, ban insurance and reinsurance of shipments to and from Iran and would blacklist several Iranian shipping firms,” among other sanctions. You can view this Reuters article by clicking here.
