What is the product?

Hiscox offers comprehensive third-party liability coverage for the decommissioning and removal of offshore assets, whether subsea or over-the-water. This cover is aimed at operators and other interests and enables them to remove end-of-life assets that could otherwise be environmentally damaging.

Due to growing importance of decommissioning across the many offshore production areas around the world, Hiscox can offer this coverage globally.

How does it support green outcomes?

As the transition from fossil fuels to greener alternatives gathers pace, it is imperative that producers’ environmental obligations are fulfilled. Decommissioning is a vital part of the industry lifecycle, returning the sea and seabed to its natural condition and ensuring that completed production operations have no adverse environmental impact in the future.

Hiscox supports and encourages responsible operators in the offshore energy industry to decommission their assets and return the marine environment to its natural condition.

How does it enable customers today?

The third-party liability coverage offered allows decommissioning to proceed with the confidence that all interests are protected against unforeseen eventualities.

As the market continues to develop, increased demand for a product of this kind is anticipated.