PRINCIPLE 3

Enforcement

Signatories will include a covenant clause, or a binding agreement, in all new shipping business activities which ensures access to high quality data and compliance with the Poseidon Principles for Marine Insurance. Signatories commit to working with clients to gather the necessary information to assess climate alignment. This enforcement mechanism that ensures the appropriate data and information are provided by shipowners and is key to supporting the accurate assessment of climate alignment. It also equalises the burden across signatories and establishes the appropriate consent for data sharing  and privacy protections

We will require that ongoing compliance with the Poseidon Principles for Marine Insurance is made contractual in all business activities using standardised covenant clauses. We will contribute to the update and addition of standardised clauses through the annual review process.

Role of affiliate members

Affiliate members will agree to work with signatories, shipowners, other marine insurance providers, brokers and business partners where possible, to support signatories by sharing knowledge about the Enforcement principle and standardised clauses with relevant stakeholders, in line with the Technical Guidance.

Supporting documents
To assist in the collection and sharing of data for the Poseidon Principles for Marine Insurance, there are two supporting documents:

1. A Standard Covenant Clause, to be included in policy agreements.
2. A form of letter to be sent by signatories to shipowners to request the data.

The clause and supporting documents are available from the Secretariat.

Learn more about Enforcement in the Technical Guidance