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DJ U.S. Doubles Insurance Guarantee for Ships Braving Hormuz -- WSJ
By Jared Mitovich
The U.S. will insure losses up to $40 billion for tankers brave enough to transit the Strait of Hormuz-double its original guarantee announced a month ago.
Berkshire Hathaway and Liberty Mutual are among six new insurers with which the federal government is partnering to provide maritime reinsurance to ships traveling through the Persian Gulf. The U.S. International Development Finance Corporation, a federal institution tasked with attracting private capital, is running the insurance program.
"These leading American insurers bring deep underwriting experience in marine and marine war coverage, strengthening our efforts to help restore confidence in maritime trade," Ben Black, chief executive of the DFC, said Friday.
President Trump announced his plan to unblock the strait in early March, but the DFC has yet to launch a public application portal for insurance. The agency, which originally partnered with the Swiss-American insurer Chubb to front the effort, said it would soon share more information on the application process.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
