3 insurance firms deny Chevron's $57M claim for Iran's April 2023 seizure of an oil cargo, stating it's not covered under marine cargo policy due to confiscation clause.
3 insurance firms, Zurich American, Liberty Mutual, & Great American, reject Chevron's $57M claim for Iran's April 2023 seizure of an oil cargo. Chevron's tanker, Advantage Sweet, was boarded by Iran's military in the Gulf of Oman, losing its crude oil cargo. Companies argue the seizure isn't 'warlike operations' & not covered under marine cargo policy due to the confiscation clause.
May 08, 2024
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