TCLP’s latest round of insurance clauses has been released.
The four new clauses take our set of insurance clauses up to 11, incorporating higher levels of climate ambition and new insurance related topics.
The new clauses are:
- Lovisa’s Clause: To be used in insurance policy agreements, this clause allows insurers and insureds to share knowledge on climate-related practices and risks.
- Paolo’s Clause: This agreement encourages the repair of insured items rather than replacement in an insurance claim, to reduce waste and embedded carbon and introduce circular economy principles.
- Millie’s Clause: Targeting carbon-intensive insureds, this clause incentivises insureds to meet emissions reduction targets by actively transitioning their business operations to net zero.
- Nemo’s Clause: Providing parametric insurance incentives for the protection of coral reefs, this clause provides for speedy restoration of coral reefs after a catastrophic weather event.