With the anticipated growth of the deployment of Carbon Capture and Sequestration (CCS) systems as critical element of meeting long-term global carbon emission reduction, Zurich has launched Carbon Capture and Sequestration (CCS) Liability Insurance and Geologic Sequestration Financial Assurance (GSFA) offerings.
These specialized products are designed to meet the 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, Zurich—in conjunction with customers, academic experts and government officials—has identified a role the insurance mechanism that 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,” says 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 that is bigger than the parts.”
Patton adds, “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 and insurance of a 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
• geomechanical liability
• specified closure and post closure activities
These products can be applied not only to cleaner coal operations, but also to a variety of industrial processes, onshore and offshore, reports Zurich. Not all coverages are available in all jurisdictions.
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