US and Israeli war against Iran: US to require ships in Hormuz to insure through government program. The US administration is considering requiring ships escorted by the US Navy in the Strait of Hormuz to obtain insurance through the US government, the Financial Times reports.
The US may require ships in the Strait of Hormuz to obtain government insurance through the DFC program and Chubb, instead of the private market. The amount of reinsurance under the US Navy's protection could reach $20 billion. Ship owners will be required to insure the hull, machinery, and cargo. Washington's revenue from these services is estimated at tens of millions of dollars.
Experts warn of "significant uncertainty" regarding the reality of the protection promised by Trump. Insurance coverage will not become available for at least a week, while the US Navy searches for an escort scheme that minimizes the threat of Iranian attacks with drones, missiles, and explosive-laden speedboats.
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On Wednesday, the White House issued a 60-day waiver to lift the Jones Act, which would allow foreign-flagged vessels to transport cargo to US ports.
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