Products: October 2022

Howden claims “world-first” with voluntary carbon credit insurance launch

Howden has launched a voluntary carbon credit insurance product designed with the aim of giving buyers and sellers of high-quality, verified carbon credits greater certainty.

The broker revealed that it had worked with carbon finance business, Respira International, and investment manager, Nephila Capital, to develop a carbon credit invalidation insurance solution in the hope of increasing confidence in the voluntary carbon market.

While working on the product, Howden, Repsira and Nephila received advice from climate risk finance company, Parhelion. The product, which is wrapped around books of independently-verified, high-quality carbon credits, provides cover for third-party negligence and fraud.

According to Howden, it will help the VCM grow as it cited projections that the market could reach $50bn (£43.2bn) by 2030.

The carbon credit invalidation insurance solution was incubated through the product innovation work stream on the Insurance Task Force for the Sustainable Markets Initiative.

Ecclesiastical adds to high net worth offering

Specialist insurer Ecclesiastical has launched a new enhanced art and private client policy to the market.

The insurer detailed the high-net-worth home insurance product is designed to provide comprehensive and flexible cover to meet the evolving needs of clients’ lifestyles. The art and private client policy now includes cyber damage, cyber-crime and online liability cover as standard.

Ecclesiastical also has optional additional covers including business cover and travel insurance.

Sarah Willoughby, art & private client business director at Ecclesiastical, said: “Over the last few years we have continued to invest in expanding our dedicated art and private client team and we’re delighted to announce the launch of our enhanced high net worth home insurance product.

“We’re committed to meeting the evolving needs of our high net worth clients which is why we’ve made a number of enhancements to our policy including adding cyber damage, cyber-crime and online liability cover as standard.”

Aviva unveils standalone cover for electric vehicle charging points

Aviva has launched standalone insurance products covering electric vehicle charging points aimed at installers and operators. According to Aviva, it is responding to demand from brokers for a specialist all risk policy.

The insurer is now offering erection all risks and operational all risks cover for EV chargers on a standalone basis.

The product is aimed at customers including contractors, car park operators, local authorities, asset managers and forecourt operators, with cover applicable for everything from a single charger to an entire network.

It will also cover risks including fire, flooding, malicious damage, accidental/impact damager and breakdown.

Markel launches media and entertainment product

Markel International has unveiled a new media and entertainment policy designed as a cross-class liability product.

The provider detailed that it had combined existing media production and media liability wordings into one comprehensive policy for production companies registered in the United Kingdom and European Economic Area.

Markel listed that its offering includes the production package, which covers: cast, media, extra expense, property, terrorism, employer’s and general commercial liability, as well as the content of the production. It offers limits of up to $37.5m (£32.6m) for the package and $5m for the media liability.

According to Markel, under the policy clients will have the “freedom and confidence” to continue creating content for television, cinema, and online, knowing that their assets are protected across all stages of the project lifecycle; from principal photography, through to broadcast and distribution.

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