Key to supporting the accurate assessment of climate alignment and to creating an equal burden on all Signatories is an enforcement mechanism that ensures that the appropriate data and information are provided by shipowners to Signatories, the appropriate consents are given for the sharing of data, the data is shared, and appropriate privacy protections are established.
We will require that ongoing compliance with the Poseidon Principles for Marine Insurance is made contractual in all business activities using standardized covenant clauses. We will contribute to the update and addition of standardized clauses through the annual review process.
Signatories will agree to work with clients and partners to covenant the provision of necessary information to calculate carbon intensity and climate alignment.
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 standardized clauses with relevant stakeholders, in line with the Technical Guidance.
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 proforma clause and supporting definitions together with the form of letter are available from the Secretariat.