Insurance broker Marsh has launched a first-of-its-kind facility to provide dedicated insurance capacity for new and existing green and blue hydrogen energy projects, according to a press release.
Developed in collaboration with insurers Liberty Specialty Markets, part of Liberty Mutual Insurance Group, and AIG, the facility provides up to USD 300m of cover per risk for the construction and start up phases of hydrogen projects globally.
Investment in green and blue hydrogen initiatives is estimated to exceed USD 150bn by 2025 but operators have found it hard to secure adequate insurance market provision for these technologies.
Marsh’s facility is backed by a panel of A-rated global insurers, led by LSM and AIG. It is structured flexibly to enable clients – from small operators to multinational organizations – to choose coverage for the construction or startup phase, or a combined risks policy that extends to first year operations.
