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Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure

May 9, 2024

Three insurance companies have rejected Chevron’s 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.

The Chevron-chartered tanker Advantage Sweet was boarded by Iranian military in the Gulf of Oman in April 2023 and its crude oil cargo confiscated and later transferred to an Iranian vessel.

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’s $57 million claim under both marine cargo and war risks policies the company held.

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