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Designed to streamline the process, CFC's new insurance offering boasts immediate quoting and binding on the same day. It's tailored for buyers engaging with any of over 300 recognized carbon initiatives, marking a significant leap in the carbon credits insurance landscape.
The distinction of this insurance product lies in its comprehensive coverage. It is the inaugural policy catering to both the material and governmental obstacles confronted by entities acquiring voluntary carbon credits with a forward-looking approach. Unlike traditional policies, CFC's inventive underwriting method scrutinizes the carbon programme, thus circumventing the need for lengthy policyholder vetting and simplifying the quotation process.
George Beattie, proficient at the helm of CFC's Innovation Team, shares an optimistic vision about the insurance's role. "This is more than just a policy—it's a catalyst for ushering in a positive environmental impact, positioning early adopters on the vanguard of a market poised to amplify to upwards of $1 trillion by mid-century," elucidated Beattie, illuminating the anticipated growth trajectory of the carbon market.
Asserting further on the user-oriented nature of this insurance solution, Beattie quotes, "We're delivering a tool that furnishes investors within the voluntary carbon sector with the sought-after assurance and reliability."
Gateway to this serviceable insurance product is provided via broker distribution networks. Further amplifying their potential, CFC has established a strategic partnership with IncubEx, a trailblazer in carbon market innovation domains.
Proving the necessity and timing of such an insurance tool resonates with market sentiments, CFC's comprehensive survey across 500+ corporate purveyors found that a striking 75% are seriously apprehensive about the risks of delivery flaws. 65% have already been on the receiving end of losses due to non-delivery scenarios, and a solid 80% indicated their likelihood of contemplating underwriting support to shield against such prospects in their future carbon credit transactions.
Published:Sunday, 24th Mar 2024
Source: Paige Estritori
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