Initiative worth up to US$40 billion provides coverage for vessels; Trump promised “security”
The initiative of the president of USA(Republican Party), to escort ships in the has not yet attracted interest. The White House would offer insurance “at a very reasonable price” for vessels wishing to cross the sea route, blocked by the Iran.
According to the newspaper, two people involved in the operations of the US$40 billion program stated that the resources have not yet been used, even with insurance rates at pre-war levels in the Middle East. Insurance brokers said the initiative did not meet all necessary requirements.
In March, the White House recruited insurers to provide coverage to countries interested in crossing the strait. According to brokers, the program was linked to a North American naval escort for the ships, which was not implemented by the government.
In May, the US escorted 2 vessels through the strait through the so-called “” Since then, no other has been followed up by the Americans.
The initiative is managed by the DFC (US Development Finance Corporation).
Insurance for ships in the Gulf is several times more expensive than before the war. Current fees range from 3% to 8% of the vessel’s value.
At this point in the conflict, vessels are authorized to cross the strait through diplomatic agreements or the payment of tolls to the Iranian Revolutionary Guard.
