Insurance for Decommissioning end of Life Offshore Assets

Area characterisation:

Marine

Objective:

Cover removal of end-of-life offshore assets

Start/end date:

1 January 0001

Financing:

Private

Potential impacts/benefits:

Prevents marine pollution from end-of-life offshore assets
Enables responsible decommissioning at scale
Reduces long-term ecological damage to marine ecosystems

Actions:

Provides third-party liability cover for the decommissioning and removal of subsea and over-water offshore assets, enabling operators to remove environmentally damaging end-of-life assets.

Organisations:

Lloyd's, Hiscox

Contacts:

Case study referred by UNEP FI. For more information, please contact: info@naturance.eu.

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.