Carriers

Insurance companies can pull out of accidents involving sanctioned oil

Some of the largest marine insurers can withdraw coverage for oil leaks if the vessel responsible fails to adhere to sanctions, they tell ShippingWatch.
"The clauses are not new or unusual - and far from unique to Ingosstrakh. They just haven’t received media attention until now," says Kristina Siig, maritime law specialist at the University of Southern Denmark. | Photo: Lars Klemmer/AP/Ritzau Scanpix
"The clauses are not new or unusual - and far from unique to Ingosstrakh. They just haven’t received media attention until now," says Kristina Siig, maritime law specialist at the University of Southern Denmark. | Photo: Lars Klemmer/AP/Ritzau Scanpix
AF Mette Grube Condrup, Peter Thomsen, Idha Toft Valeur, Nidaa Bakhsh

Several of the industry’s largest insurance companies do not offer coverage for vessels involved in the trading and transportation of sanctioned oil.

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