Chubb to Lead U.S. Insurance Push for Hormuz Strait Shipping
Chubb will be the lead underwriter for a U.S. government–backed program led by the U.S. International Development Finance Corporation to insure ships transiting the Strait of Hormuz amid the Iran war. The plan would cover hull, machinery and cargo, with up to $20 billion in damages on a rolling basis through DFC reinsurance, and could involve additional insurers; environmental damage coverage is included. The goal is to restart shipping and stabilize oil flows despite ongoing risks.
