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The Financial Restrictions (Iran) Order 2009 and a licence made under it did not render illegal the provision of cover by a P&I club to an Iranian shipowner, nor had the insurance contract been discharged by reason of frustration

• Reed Smith LLP
• -
• United Kingdom
• -
• December 3 2010

In Islamic Republic of Iran Shipping Lines v Steamship Mutual Underwriting Association (Bermuda) Ltd & HM Treasury 2010 EWHC 2661, the court determined whether the provision of insurance cover by the Defendant P&I club to the Claimant Iranian shipowner had been rendered illegal, and further whether the contract of insurance had been discharged by frustration