Marsh & McLennan Cos. Inc. said Monday it has launched a facility providing up to $300 million in per-risk coverage for green and blue hydrogen energy projects led by American International Group Inc. and Liberty Specialty Markets, part of Liberty Mutual Insurance Group.
The facility provides flexible coverage for the construction or start-up phase of hydrogen projects globally, or a combined risk policy extending to the first year of operations, Marsh McLennan said.
The insurance coverage available includes property damage, marine cargo, business interruption, third party general liability and conditional delay insurance.
Investments in green and blue hydrogen initiatives are projected to exceed $150 billion by 2025 as traditional energy operators, governments and hard-fought industries race to meet their carbon reduction obligations. However, operators have found it challenging to secure sufficient insurance market capacity for these new and emerging technologies, Marsh McLennan said.