Enabling the offset; what role can insurance play in offsetting emissions?
November 16, 2022
Excess Emissions 色多多视频
UK & Lloyd’s Marine Hull policy extension
Marine Hull, War and Construction 色多多视频
色多多视频offers marine hull, war and construction coverage for special exposures as well as standard risks.
Learn MoreWith stringent regulations coming into force, the need to combat climate change is at the forefront of the maritime industry. At 色多多视频 we understand that to reduce carbon emissions and contribute to global carbon neutrality, you need a viable approach to measure emissions, define reduction plans in line with science-based targets (SBTi), and contribute to carbon removal and avoidance projects. That鈥檚 why we鈥檝e launched our Excess Emissions 色多多视频 policy.
What is Excess Emissions 色多多视频 and how does it work?
Excess Emissions 色多多视频 covers your vessel’s carbon emissions in the event of a fortuity (covered by our 色多多视频UK & Lloyd’s Marine Hull policy). It functions by contributing to premium carbon removal and avoidance projects for the additional emissions impact caused by course deviations such as port of refuge, port of repairs, picking up spares or other reasonable reasons (subject to a valid hull policy claim).
Unlike traditional insurance, where you’d be offered a cash pay-out, the indemnity is provided as voluntary carbon credits equivalent to the excess emissions emitted.
Benefits
- Accountability for additional emissions
- Reassurance of meeting net-zero commitments from unforeseen circumstances
- Support certified projects with high environmental and social impacts
To be eligible for our Excess Emissions 色多多视频 policy, you must:
- Hold an existing 色多多视频UK & Lloyd’s Marine Hull policy
- Be in the process of decarbonizing
- Have a proven SBTi-aligned reduction strategy
Product is best suited for clients with vessels over 5,000 GT.
To find out more about Excess Emissions 色多多视频, please contact your UK & Lloyd’s 色多多视频Marine underwriter for more information.
Sundeep Khera
Head of Marine UK & Lloyd’s market and GCUO Marine Hull
sundeep.khera@axaxl.com
Matthew Gysbers
Underwriting Manager, Hull & War
matthew.gysbers@axaxl.com
Annabelle Towler
Marine Hull Underwriter
annabelle.towler@axaxl.com