AXA XL offers marine hull, war and construction coverage for special exposures as well as standard risks.
Learn MoreThe risks of climate change are imminent and pose a significant threat. As such, stringent regulations are already in force and more are expected. This underscores the maritime industry's need to help combat climate change. At AXA XL, we understand that to reduce carbon emissions and contribute to global carbon neutrality, you need a viable approach to measure emissions, define reduction plans in line with science-based targets (SBTi), and contribute to carbon removal and avoidance projects. That’s why we’ve launched our Excess Emissions Insurance policy.
Excess Emissions Insurance covers your vessel’s carbon emissions in the event of a fortuity (covered by our AXA XL UK & Lloyd’s Marine Hull policy). It functions by contributing to carbon removal and avoidance projects for the additional emissions impact caused by course deviations such as port of refuge, port of repairs, picking up spares or other reasonable reasons (subject to a valid hull policy claim).
Unlike traditional insurance, where you’d be offered a cash payout, the indemnity is provided as voluntary carbon credits, purchased by AXA XL from ClimateSeed, equivalent to the excess emissions emitted.
ClimateSeed follows a strict three-level project selection process that is unique in the market. Every project is sourced and qualified by their team of carbon project specialists and goes through a rigorous process, based on their climate impact as well as potential social and environmental benefits.
To be eligible for our Excess Emissions Insurance policy, you must:
Product is best suited for clients with vessels over 5,000 GT.
To find out more about Excess Emissions Insurance, please contact your UK & Lloyd’s AXA XL Marine underwriter for more information.
To find out more about Excess Emissions Insurance, please contact your UK & Lloyd’s AXA XL Marine underwriter for more information.
Sundeep Khera
Head of Marine UK & Lloyd’s market and GCUO Marine Hull
sundeep.khera@axaxl.com
Matthew Gysbers
Underwriting Manager, Hull & War
matthew.gysbers@axaxl.com
Annabelle Towler
Marine Hull Underwriter
annabelle.towler@axaxl.com
Geographical coverage is for informational purposes only. Product and service offers can vary based on location, industry, risk profile and unique business needs.
This summary does not constitute an offer, solicitation or advertisement in any jurisdiction, nor is it intended as a description of any products or services of AXA XL. All insurance products, including the applicability of coverages, limits and exclusions, are subject to their full terms and conditions. AXA XL is a division of AXA Group providing products and services through three business groups: AXA XL Insurance, AXA XL Reinsurance and AXA XL Risk Consulting. AXA, the AXA and XL logos are trademarks of AXA SA or its affiliates. © 2023
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