Insurance firms deny Chevron's $57 million claim for Iran oil seizure
)'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 oil seizure was not covered under either Chevron's marine cargo or war risks policies, the trio said in their complaint."The seizure of the crude oil and its later expropriation by Iran do not constitute 'warlike operations,'" the companies said of their denial of war risks coverage. Chevron chartered the Advantage Sweet to transport crude oil to Houston from the Neutral Zone area shared by Saudi Arabia and Kuwait, the complaint said. Chevron has oil production operations in the zone.
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