Japan chooses to continue providing its own oil insurance

oil insurance

Despite the fact that the sanctions against Iran have been lifted, the country will be keeping its sovereign coverage. Now that the sanctions against Iran are being lifted, it means that there will be considerably greater oil insurance offerings available to countries that want to purchase their crude from Tehran, but Japan has decided that it will be maintaining its own sovereign coverage. The current situation in the industry is improving the uncertainty with regards to being able to obtain coverage. With the lifted sanctions, oil insurance protection will, once…

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When oil insurance becomes available again, Iran will sell more crude

oil insurance news

The country intends to begin boosting its shipment to awaiting customers once the sanctions are lifted. Refiners in Asia are now gearing up to purchase more crude from Iran once word has been confirmed that the sanctions have been lifted and oil insurance can once again be purchased internationally for tankers and refineries carrying and processing crude from the country. Tehran is now working hard to attempt to compete and rebuild its market share within an oversupplied marketplace. When the deal was finally reached among world leaders, last Tuesday, following…

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Japanese Iranian oil insurance shipping costs to rise this year

oil Insurance News

According to recent reports, Japan’s maximum coverage for tankers carrying crude from Iran is expected to rise. According to sources quoted in several oil insurance news reports, Japan is preparing to raise the maximum cover for tankers transporting crude from Iran within the 2015-2016 fiscal year (April-March). This is the result of an increase put into place by the International Group of P&I Clubs, among other factors. The weakening of the Japanese yen, in comparison with the American dollar has also had an effect on the oil insurance protection and…

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Insurance news in Canada has increased coverage requirements for oil trains

rail insurance news industry train transportation

The country is now demanding that rail vehicles transporting oil must have additional protection against spills and explosions. According to the Transport Minister of Canada, Lisa Raitt, has made an insurance news announcement that has said that the country will be increasing the amount of coverage that railways will be required to carry when they are transporting crude oil. Shippers will also have a levy imposed upon them in order to help to pay for the cost of major accidents. This insurance news comes at a time in which the…

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Insurance news could be changing for coverage for oil-by-rail risks

Insurance news Lac Megantic train derailment

The Canadian government is looking into broadening the burden for protection against disasters. According to a recent insurance news announcement made by a government official in Canada, it is considering the expansion of the coverage burden for disasters occurring in crude-by-rail transportation. It is also thinking about developing a special fund comparable to the one once established for maritime oil spills. The insurance news could be tremendous to the industry, which continues to reel from the catastrophe that occurred when an oil train lost control and exploded in the province…

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