Zurich, a leading global property and casualty insurance provider, today
announced the availability of its Carbon Capture and Sequestration (CCS)
Liability Insurance and Geologic Sequestration Financial Assurance
(GSFA) offerings. These specialized products are designed to meet the
unique insurance needs of CCS projects from design over operational
phases through to closure and post closure events at the geologic
storage sites.
Considering the perceived challenges facing continued fossil fuel use
and sustainable climate protection, it is anticipated that effective
deployment of CCS systems will be a critical element of meeting
long-term global carbon emission reduction. As such, Zurich — in
conjunction with customers, academic experts and government officials —
has developed a deep expertise in the risk issues associated with these
technologies, and now has identified a role the insurance mechanism can
play in facilitating future CCS usage.
“We are proud to add these new products to enable the use of this new
climate risk mitigation technology,” said Lindene Patton, Climate
Product Officer for Zurich. “Their creation exemplifies the best of what
Zurich has to offer — the ability to deliver innovative risk management
solutions to the most difficult climate related challenges our customers
are facing. Such a comprehensive approach is only possible through deep
collaboration — connecting our internal expertise with public policy,
industry and academic experts to create a sum which is bigger than the
parts.”
Patton added that “with the offering of these products, we have
eliminated a significant barrier to widespread deployment of this
critical technology in the long-term mitigation of carbon emissions.”
With the addition of these two new coverages to the existing portfolio
of climate-related insurance products, Zurich can now facilitate the
deployment of and insurance of an innovative cleaner coal solution from
design to closure through the following coverages:
CCS Liability Insurance Policy
- pollution event liability,
- business interruption,
- control of well,
- transmission liability, and
- geomechanical liability.
GSFA Policy
- specified closure and post closure activities.
These products can be applied not only to cleaner coal operations, but
also to a wide variety of industrial processes, on shore and offshore.
Not all coverages are available in all jurisdictions.
About Zurich
ZurichFinancialServicesGroup (Zurich)is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately
60,000 people serving customers in more than 170 countries. In North
America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors.