The Iranian “Hormuz Safe” platform has started offering insurance coverage for maritime cargo transiting through the Strait of Hormuz.
According to the Fars News Agency, Iran’s Ministry of Economy has been pursuing a plan since late April to enable the management of the Strait of Hormuz through an insurance mechanism.
Under the proposed plan, various types of marine insurance policies as well as financial liability certificates could be issued.
According to the platform’s regulations, it would provide fast insurance policies with encrypted verification capabilities for cargo shipments passing through the Persian Gulf, the Strait of Hormuz, and surrounding waterways. Payments would be settled in Bitcoin, and cargoes would be covered immediately after confirmation, with a signed receipt issued to the owner.