The Global Centre for Maritime Decarbonisation (GCMD) and insurance firm Gard have signed an Impact Partnership Agreement, committing to a five-year collaboration to accelerate the uptake of decarbonisation technologies in the maritime industry.
The deal will see Gard assess and quantify the risks inherent in GCMD’s pilots and trials and provide hull and machinery (H&M) and protection and indemnity (P&I) insurances for the projects.
Gard will help assess the risks involved in ‘green’ technology implementation and the use of new fuels, and will provide the insurance needed to test, and eventually scale up these technologies. In addition to providing insurance coverage, Gard will also provide legal and risk advisory services, as well as financial contributions towards GCMD’s pooled funds for pilots and trials.
“With Gard joining GCMD as an Impact Partner, we can together provide greater clarity to the maritime industry on the use of green fuels and emerging decarbonisation technologies from an insurance perspective,” said Professor Lynn Loo, CEO of the GCMD.
“As the uptake of /zero carbon fuels begin to take off, insurers are faced with the need to reinvent operating models and offer new products to clients. The GCMD–Gard partnership aims to have the legal and operational risks of GCMD’s pilots and trials assessed and insured, and to demonstrate how decarbonisation technologies can be de-risked commercially.”
