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Case Study

Insurance for Decommissioning end of Life Offshore Assets

COUNTRY/REGION

Global

START - END DATE

Ongoing

REALM

Marine

Hiscox offers comprehensive third-party liability coverage for the decommissioning and removal of offshore assets, whether subsea or over-the-water. This cover is aimed at operators and other interests and enables them to remove end-of-life assets that could otherwise be environmentally damaging.

Insurance trigger type

The mechanism by which an insurance payout or financial response is activated

Indemnity

Insurance scheme target

Beneficiary of Insurance Scheme

Real Economy, Investors

Insurance scheme developer

The type of institution(s) providing insurance or guarantees

Private

Insured risk

The primary category of risk addressed or managed by the insurance solution.

Liability and Policy Risk

Insurance product type

Adapted from UNEP FI framework subcategories

Insurance to remediate negative impacts on nature by prior or insured activities

Partners:

Lloyd's, Hiscox

Referred by:

UNEP FI

Sources:

Hiscox – Third-party liability: decommissioning