BECOMING A SIGNATORY / AFFILIATE MEMBER
Who can become a Signatory and who can be an Affiliate member of the Poseidon Principles for Marine Insurance?
Under the current scope, the Poseidon Principles for Marine Insurance are applicable to insurers with H&M policies. However, it is recognized that the ecosystem of key players extends beyond this limit, and the framework must be inclusive of these perspectives and their support. Therefore, Affiliate membership is applicable to insurance brokers and collective groups (such as insurance associations, unions, and P&I Clubs), and their support is welcome.
It is the intention that over time, and with increasing access to reliable data and information for public disclosure of climate alignment, the scope of the Principles will expand to include more Affiliate members as Signatories.
If a Signatory, the Poseidon Principles for Marine Insurance must be applied by Signatories in all business activities where:
- the insurance products cover hull and machinery (H&M);
- the Signatory is the leading insurer, as well as in cases where the Signatory is a follower, but the lead is also a fellow Signatory;
- a vessel or vessels which have an established Poseidon Principles trajectory whereby the carbon intensity can be measured with IMO Data Collection System (DCS) data.
The scope will be reviewed and may be expanded by Signatories on a timeline that is at their discretion, with the support of Affiliate members. The scope of coverage, as well as additional environmental factors, can be added to this initiative over time.
How to become a Signatory / an Affiliate member?
All relevant documents to become a Signatory or an Affiliate member are available from the Secretariat.
BECOMING A SIGNATORY
Insurers wishing to become a Signatory to the Poseidon Principles for Marine Insurance must adhere to the following process:
- Using the Standard Declaration and Signatory Application provided by the Secretariat, an insurance provider wishing to become a Signatory must complete and send both documents to the Secretariat.
- The insurance provider must complete and submit the Poseidon Principles Self-Assessment to the Secretariat within five months of becoming a Signatory.
BECOMING AN AFFILIATE MEMBER
Institutions wishing to become an Affiliate member of the Poseidon Principles for Marine Insurance must adhere to the following process:
- Using the Standard Declaration and Application provided by the Secretariat, an institution wishing to become an Affiliate member must complete and send both documents to the Secretariat.