US weighs insurance requirement for Hormuz escorts – Financial Times
The Trump administration has explored plans to require commercial vessels escorted by the US Navy through the Strait of Hormuz to buy US government-backed insurance, the Financial Times reported, citing people familiar with the discussions.
The proposal would link naval escorts to a program led by the US Development Finance Corporation in partnership with insurer Chubb, potentially requiring ships to obtain coverage for hull, machinery and cargo through the scheme rather than the private market, according to the report.
The discussions followed earlier plans to provide up to $20 billion in reinsurance as disruption linked to the Iran war pushed oil prices above $105 a barrel, though it remained unclear whether the insurance purchase would become mandatory.
