{
  "id": 15493227,
  "title": "Japan to provide P&I, compensate cargo, hull cover for crude, oil products, LNG transport",
  "url": "https://urgent.news/2026/10/18/japan-to-provide-p-i-compensate-cargo-hull-cover-for-crude-oil",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-18T21:00:52.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/japan-to-provide-pi-compensate-cargo-hull-cover-for-crude-oil-products-lng-transport/"
  },
  "original_language": "en",
  "account": "Japan's government has approved three bills aimed at enhancing the security of the country's crude oil supply amid the conflict in the Middle East. One of these measures includes providing protection and indemnity cover and partially compensating cargo and hull insurance payments for the transportation of crude oil, oil products, and LNG. The Ministry of Economy, Trade and Industry (METI) will revise the existing specified tanker act to expand its scope to include petroleum products like naphtha and liquefied natural gas (LNG). Additionally, METI will introduce support measures for hull and cargo insurance. In cases where foreign insurance companies are unable to provide reinsurance coverage, the Japanese government will establish a mechanism to compensate for the gap left by unavailable reinsurance. The Japan P&I Club, which provides insurance coverage for tanker ships, currently offers up to $9.8 billion in coverage per tanker. The Cabinet's approval comes after Japan formulated an energy policy package to bolster the resilience of its energy supply and demand system through Green Transformation (GX) initiatives.",
  "summary": "Japan is set to provide protection and indemnity cover and partially compensate cargo and hull insurance payments for the transportation of crude oil, oil products and LNG, as part of a bill approved by the Cabinet on Oct. 13, a senior official at the Ministry of Economy, Trade and Industry said. The bill is one ...",
  "key_points": [
    "Japan approves three bills to enhance crude oil supply security.",
    "METI revises specified tanker act to include petroleum products and LNG.",
    "Government to compensate for unavailable reinsurance for foreign insurers."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}