Transportation Secretary Sean Duffy said Sunday that the Trump administration has a plan prepared to insure ships traveling through the Strait of Hormuz but is still waiting for military officials to determine when it is safe to begin escorting vessels through the contested waterway. 

Appearing on Sunday Morning Futures with Maria Bartiromo, Duffy said the administration is ready to implement an insurance mechanism intended to encourage oil shipments through the critical shipping lane once naval escorts are authorized.

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