Marsh launches facility for hydrogen energy projects
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Marsh said Monday it has launched a facility providing up to $300 million of coverage per risk for green and blue hydrogen energy projects led by American International Group Inc. and Liberty Specialty Markets, part of Liberty Mutual Insurance Group.
The facility provides flexible coverage for the construction or startup phase of hydrogen projects globally, or a combined risks policy that extends to first-year operations, Marsh said.
The coverage available includes property damage, marine cargo, business interruption, general third-party liability and contingent delay-in-start-up insurance.
Investment in green and blue hydrogen initiatives is projected to exceed $150 billion by 2025 as traditional energy operators, governments, and hard-to-abate industries race to meet their carbon-reduction obligations. However, operators have found it challenging to secure adequate insurance market capacity for these new and emerging technologies, Marsh said.
