Article ID: 02926338d2bef8af97ece3094e8cd1ca011b3bd570ba3d4312ed2eb6b1f745b6
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URL: https://www.businessinsurance.com/chevron-insurers-settle-over-iran-tanker-seizure/
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Chevron, insurers settle over Iran tanker seizure - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Chevron, insurers settle over Iran tanker seizure by Richard Sine Coverage Disputes , Energy , P/C Insurers Middle East/Africa Liberty Mutual , Zurich Sep 10, 2026 Zurich American and other insurers have settled a dispute with Chevron over a $57 million claim following Iran’s seizure of a crude oil tanker in the Gulf of Oman in 2023. On Tuesday, Judge Jacqueline Scott Corley of the U.S. District for the Northern District of California vacated the case, Zurich America Insurance Company et. al. v. Chevron U.S.A. Inc. et. al. , on the eve of a trial set for September 22. In April 2023, Iran’s Islamic Revolutionary Guard rappelled onto the Advantage Sweet by helicopter while it was carrying Chevron’s crude oil cargo bound for Houston. “The crew were then forced at gunpoint” to Iranian territory, according to a Chevron legal filing, where confiscated the cargo and later transferred it to an Iranian tanker. Iran stated that the seizure was in retaliation for American sanctions. A few days earlier, the U.S. had seized an Iranian oil tanker in the South China Sea to enforce U.S. government sanctions against Iranian oil exports. In March 2024, Zurich, Liberty Mutual and Great American Insurance sought a ruling that their marine cargo and war risks policies didn’t cover Chevron’s claim. Zurich noted that its marine cargo policy is void for loss caused by capture, seizure or confiscation, “whether in time of peace or war and whether lawful or otherwise.” Zurich said the loss doesn’t fall under the war risks policy because the policy only covers “warlike operations” carried out “in prosecution of hostilities or in the application of sanctions under international agreements.” The insurers contend Iran’s actions were unilateral retaliation against U.S. sanctions rather than hostilities or sanctions enforcement. In its response, Chevron pointed at a broader pattern of Iranian attacks and seizures in the Gulf of Oman that year. In June 2023, an Iranian naval vessel opened fire on another Chevron-operated tanker. It said the war risk policy’s plain language covered warlike operations and hostile actions. Chevron said the insurers charged Chevron a premium for transiting the Gulf of Oman because of the potential for violence there, and that its marine cargo coverage insured goods against “all risks of physical loss or damage from any external cause.” The trial was set for September 22 after the two sides fought extensively over document discovery, and Chevron succeeded in bringing in excess insurers, Intact Financial unit Royal & Sun Alliance and Lloyd’s syndicates. Terms of the settlement were not disclosed. Zurich did not respond to a request for comment. 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