Willis, a WTW company, has announced the launch of a new carbon capture and storage (CCS) insurance solution.
The fully integrated insurance suite is designed to support developers and operators across the entire CO2 capture, transportation and storage value chain.
According to the announcement, the new solution adapts upstream energy, ocean, liability and environmental protection to the risks of CCS operations.
The coverage builds on support for operators, investors and emitters at every stage of the project lifecycle and is designed to provide bankability while being tightly aligned with global regulatory and carbon credit requirements.
The service scope goes beyond traditional insurance to provide front-end engineering design (FEED) stage risk engineering support, best practice knowledge sharing, contractual risk allocation advice and lender and regulatory support.
Coverage includes comprehensive end-to-end risk across the entire CCS value chain, from construction and commissioning to long-term operations.
It also provides protection for physical assets and revenue, including property damage, business interruption and value chain downtime, while providing risk transfer certainty for complex CCS exposures, involving first-of-its-kind technology.
Additionally, the suite features robust liability protection to address third-party claims, plume migration, terminal operations and non-conforming CO2 risks.
It also includes spill response and remediation, funding for corrective actions following unintended CO2 emissions, and financial protection under a carbon credits and offtake regime, mitigating the risk of non-delivery penalties and mandatory carbon market obligations.
Marie Reiter, global head of brokerage strategy at Willis Natural Resources, said: “We are pleased to announce the launch of CCS solutions designed to support the next phase of carbon capture and storage deployment.
“Carbon capture and storage projects face unprecedented risks, complex contract structures and rapidly changing regulatory requirements. Effective risk management is critical to building bankability and long-term resilience.”
