Washington built a $40 billion reinsurance facility to move ships through Hormuz. It has written zero business: not one dollar placed, not one vessel transited under it (Insurance Business, 17 May). The design explains the number. Cover applies only to vessels sailing under US naval escort, and two ships have ever done that, under the short-lived Project Freedom. A $40 billion facility waiting on a convoy. https://fault-line.io/extra-009/?utm_source=mastodon&utm_medium=social&utm_campaign=extra&utm_content=extra-009 #Hormuz #Shipping #Insurance