Live Insurance News

Oil insurance being prepared by Iran for its tankers

April 24, 2013April 22, 2013 H. Cutner

Still trying to recover from the bans in place by the E.U. and U.S. against the coverage and reinsurance. The president of the Bimeh Markazi (Central Insurance) Company in Iran has just announced that Tehran is now prepared to being providing oil insurance to tankers that are transporting crude from the country. They are taking this step as a preemptive step in case the western government sanctions are tightened. Though there are already oil insurance sanctions imposed by the European Union as well as the United States, the country is…

Insurance news from the pipeline reveals massive $1 billion coverage needed

April 15, 2013April 13, 2013 Julie Campbell

A Canadian federal review has revealed that the Northern Gateway project will require substantial protection. The new proposed endpoint for the Enbridge Northern Gateway Project is the Douglas Channel in, and the latest insurance news estimates show that the pipeline will require nearly $1 billion in coverage. A joint federal review has released its 199 draft conditions despite the fact that the pipeline has not yet been approved. The Gateway pipelines have not yet received their approval, but the project is already making insurance news headlines as a joint review…

Oil insurance fund to be created in India for Iranian imports

April 6, 2013April 4, 2013 G. Turner

The money reserved will be used to cover the refineries that are processing crude from the Middle Eastern nation. India has announced that it is going to try to solve its own oil insurance problems by creating a fund that will be worth approximately $364 million (20 billion rupees) to provide coverage for the refiners that will be using Iranian crude. The crude from Iran is subject to sanctions from the West, such as the European Union, that has banned coverage. The E.U. has placed a ban on providing oil…

Oil insurance fund to be established in India for Iranian crude

March 26, 2013March 25, 2013 Julie Campbell

A new program is being designed to provide Indian refiners with the coverage that they require. India has now revealed that it has intentions to establish a special fund in order to give refineries the opportunity to obtain oil insurance coverage after reinsurers from the European Union refused to provide protection for units that process crude from Iranian sources. The country’s own insurers have refused coverage to the refiners as they could not obtain reinsurance. The reason is that the oil insurance companies within India were not able to obtain…

Insurance news for BP grants them access to payments for 2010 oil spill

March 4, 2013March 4, 2013 G. Turner

insurance news Deepwater Horizon Oil Spill 2010

The company won a ruling in appeals court that will provide it with a payment of $750 million. BP has just won a ruling in an appeals court that is making insurance news, as it has provided it with Transocean Ltd. coverage payments worth $750 million in order to cover costs from the oil spill in the Gulf of Mexico in 2010. The U.S. Court of Appeals reversed a previous decision that had been made on the case. The ruling that had previously denied access to the funds to BP…

Insurance news from India ensures Iran crude coverage

February 14, 2013February 13, 2013 H. Cutner

Indian refiners that are running Iranian oil will be able to cover themselves through the government. The Indian government made insurance news on Wednesday that refiners will be able to find coverage for plants that are running crude that was sourced in Iran, helping to assuage some of the concerns that imports made from that Middle Eastern country would need to cease. The worry has been based on the sanctions that have been applied to coverage of Iran’s crude. Hindustan Petroleum Corp, a refiner run by the state in India,…

Insurance news from Iran shows crude exports rising

November 16, 2012April 30, 2013

Despite Western sanctions there has been an increase of approximately 70,000 barrels per day (bpd). The October insurance news out of Iran has shown that even though the American and European Union sanctions are still in place against covering oil exports from Iran, their exports still increased by about 70,000 barrels per day, reaching 2.7 million bpd that month. This shows that the Western bans are not having the intended impact on the country. Over the two previous months, the Iranian crude exports spiked to 1.3 million bpd from having…