On 25 May 2011, the English Court of Appeal issued judgment on a dispute over the validity of the cancellation of a marine policy under an Iran sanctions clause, the scope for renewals, and the extension to policies to be prohibited under existing EU (European Union) sanctions against Iran.he contract of insurance was a composite policy of marine insurance covering hull and machinery risks on the NITC fleet of Iranian oil tankers, and the co-assured included a Cypriot operating company, Arash Shipping Enterprises Co. Ltd, which was owned or controlled by Iranian nationals.
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