{"id":21818,"date":"2024-05-09T09:47:48","date_gmt":"2024-05-09T09:47:48","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=773574"},"modified":"2024-05-09T09:47:48","modified_gmt":"2024-05-09T09:47:48","slug":"three-insurers-reject-chevrons-57-million-claim-for-iran-oil-seizure","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/05\/09\/three-insurers-reject-chevrons-57-million-claim-for-iran-oil-seizure\/","title":{"rendered":"Three Insurers Reject Chevron\u2019s $57 Million Claim for Iran Oil Seizure"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/05\/strait-of-hormuz-persian-gulf-and-gulf-of-oman-458637453-bigstock-580x387.jpg\"><\/p>\n<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/05\/strait-of-hormuz-persian-gulf-and-gulf-of-oman-458637453-bigstock-scaled.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2024\/05\/09\/773574.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2024\/05\/09\/773574.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p class=\"tr-story-p1\">Three insurance companies have rejected Chevron\u2019s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California.<\/p>\n<p>The Chevron-chartered tanker Advantage Sweet was <a href=\"https:\/\/finance.yahoo.com\/news\/1-iran-unload-crude-seized-104151429.html\" target=\"_blank\" rel=\"noopener\">boarded by Iranian military<\/a> in the Gulf of Oman in April 2023 and its crude oil cargo confiscated and later transferred to an Iranian vessel.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"carriers,energy,numbers,oil-gas\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>Zurich American Insurance, Liberty Mutual Insurance and Great American Insurance asked a U.S. District Court in San Francisco to uphold their rejection of Chevron\u2019s $57 million claim <span class=\"tr-strong\">under both marine cargo and war risks policies the company held.<\/span><\/p>\n<p>\u201cThe seizure of the crude oil and its later expropriation by Iran do not constitute \u2018warlike operations,&#8217;\u201d the companies said of their denial of war risks coverage<span class=\"tr-strong\">. Chevron\u2019s <\/span>marine cargo policy <span class=\"tr-strong\">also did <\/span>not cover a <span class=\"tr-strong\">seizure <\/span>or confiscation, <span class=\"tr-strong\">they told the court.<\/span><\/p>\n<p><span class=\"tr-strong\">A Chevron spokesperson said the company contests the denial of insurance <\/span><span class=\"tr-strong\">coverage.<\/span><\/p>\n<p><span class=\"tr-strong\">\u201cThe military seizure by the Islamic Republic of Iran of the Advantage Sweet in international waters with Chevron\u2019s cargo aboard was a hostile act plainly covered by our insurance <\/span><span class=\"tr-strong\">policies. We look forward to proving this in court,\u201d said Chevron spokesperson Christine Dobbyn.<\/span><\/p>\n<p>Chevron chartered the Advantage Sweet to transport crude oil to Houston from the Neutral Zone area shared by Saudi Arabia and Kuwait, the complaint said. Chevron has oil production operations in the zone.<\/p>\n<p>\u201cIranian Navy commandos boarded the Advantage Sweet while the vessel was in international waters in the Gulf of Oman on or about April 27, 2023 and seized control of the vessel and its cargo of crude oil,\u201d according to the complaint.<\/p>\n<p class=\"tr-signoff\">(Reporting by Gary McWilliams; editing by Chizu Nomiyama and Diane Craft)<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/carriers\/\" class=\"btn btn-sm btn-primary tagtag\">Carriers<\/a> <a href=\"https:\/\/www.insurancejournal.com\/energy\/\" class=\"btn btn-sm btn-primary tagtag\">Energy<\/a> <a href=\"https:\/\/www.insurancejournal.com\/oil-gas\/\" class=\"btn btn-sm btn-primary tagtag\">Oil Gas<\/a> <a href=\"https:\/\/www.insurancejournal.com\/numbers\/\" class=\"btn btn-sm btn-primary tagtag\">Numbers<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"773574\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Carriers<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments Three insurance companies have rejected Chevron\u2019s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California.&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21819,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[655,707,774,24,775,116,108,111,1,565,776,489,777],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/05\/three-insurers-reject-chevrons-57-million-claim-for-iran-oil-seizure.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21818"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21818"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21818\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21819"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}