WASHINGTON – Federal officials announced Friday that the United States will back maritime insurance claims totaling as much as $20 billion for Gulf region shipping operations, seeking to restore confidence among oil and gas transport companies during wartime operations against Iran.
The U.S. International Development Finance Corporation revealed the insurance program following President Donald Trump’s Tuesday directive for the agency to establish political risk coverage and financial backing for Gulf maritime commerce. Shipping traffic for oil and liquefied natural gas tankers had come to a complete standstill in the Strait of Hormuz, the critical waterway separating Iran and Oman where approximately one-fifth of the world’s daily oil supply typically passes through.
According to the DFC, the insurance coverage will be implemented on an ongoing, rotating schedule and will concentrate initially on protecting ship hulls, machinery, and cargo from potential losses.
