The United States plans to insure ships in the Persian Gulf for up to $20 billion.

The United States International Development Finance Corporation (DFC), together with the US Treasury Department, announced the launch of a ship reinsurance program in the Persian Gulf with an insurance coverage limit of up to $20 billion. The corporation's statement was posted on its website on March 6.

"The DFC reinsurance mechanism will insure losses of up to about $20 billion on an ongoing basis," the publication says.

The news is being updated