Baku, Azerbaijan, Jan. 29
By Khalid Kazimov – Trend:
In the wake of an Iranian oil tanker's collision in East China Sea, Iranian insurance regulator has announced that the country’s insurers are to compensate only 30 percent of the loss which amounts to less than $5 million.
Abdolnaser Hemmati, the head of the Central Insurance of Iran, has noted that the tanker was run by National Iranian Tanker Company and Iranian insurers are only liable for the cost of the body of the tanker which is approximately worth $32 million.
According to the official, the Iranian insurers had transferred portions of risk portfolios to other parties under reinsurance agreement.
Saying that Iranian insurers will also pay 100 million tomans (about $27,000) in life insurance to the relatives of the crew members who lost their lives in the incident, he added that the foreign firms will cover the rest of losses including the environmental damages.
Earlier in January, the tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, sank after it collided with the Chinese dry cargo vessel CF Crystal in the East China Sea.
Two domestic insurance companies of Alborz and Mellat were among the insurers of the oil tanker.