Insurers and Turkey Reach a Deal to Permit Oil Tankers to Sail Unhindered

Gard, a Norwegian ship insurer, mentioned on Tuesday that an agreement had been reached between insurers and Turkey to facilitate vessels loaded with oil to sail via Turkish waters unhindered.

Following a significant engagement between the Turkish government and the International Group of P& I Clubs (association of ship insurers), an agreement was reached, Gard mentioned in a statement on the official website.

A Gard spokesperson reportedly said it was pleased to learn that an agreement had finally been reached.

Tankers loaded with oil cargoes were stuck for days following a new Turkish measure that needed ships to have insurance covered all the time.

Western insurers have highlighted explicitly that the regulations would indicate that they might also have to provide cover if a vessel is in breach of sanctions, which is something they weren’t prepared for.

Reference: Reuters, Insurancejournal