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Indian insurance companies not covering storage of Iranian oil: IOC official

Reuters
FILE PHOTO: Crude oil is poured from a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo (Reuters)

NEW DELHI (Reuters) - Indian insurers are not offering coverage policies for storage of Iranian oil, an Indian Oil Corp Ltd official said, owing to impending U.S. sanctions on import of crude from Iran, which are expected to kick in on Nov. 4.

"Insurance companies are providing for asset cover but are not covering the crude kept in storage," the official said on condition of anonymity.

(Reporting by Nidhi Verma; Editing by Sudarshan Varadhan and Stephen Coates)