Financial Times: US companies haven’t insured any ship passing through the Strait of Hormuz

The Financial Times, citing sources, reported that US companies haven’t insured any ships passing through the Strait of Hormuz, despite US President Donald Trump’s plans.

The Financial Times report stated: “The program, which costs up to $40 billion, hasn’t been used at all so far… even though insurance rates are still at levels much higher than pre-war levels”.

Insurance brokers confirmed that the program was never implemented because it did not meet all the requirements for ships crossing the strait, and it was also linked to escorting ships through the Strait of Hormuz, something that was not fully implemented.

Trump announced in March that the US Navy would begin escorting oil tankers through the Strait of Hormuz as soon as possible if necessary, and that Washington would provide insurance for all commercial shipments passing through it at a “very reasonable” price.

According to the Financial Times, the US authorities have contracted with two insurance companies to help provide insurance or security coverage.