Chartis Structures Coverage for Environmental Risk Relating to Carbon Capture and Storage.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Chartis today announced the introduction of a specifically crafted endorsement designed to address the environmental risk exposures for carbon capture and storage Carbon capture and storage (CCS) is an approach to mitigating global warming by capturing carbon dioxide (CO2) from large point sources such as power plants and subsequently storing it instead of releasing it into the atmosphere. operations from its Environmental Division. The endorsement provides tailored coverage under Chartis insurers' Pollution Legal Liability Select policy, allowing the client access to the benefits of this broad-based policy form. Carbon capture and storage refers to a suite of technologies in which carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. is captured at industrial sources, compressed and transported to a suitable location, and then injected into a deep geologic formation A geologic formation is a formally named rock stratum or geological unit. Formations are Lithostratigraphic units which are defined by primary lithology. The concept of formally defined layers or strata is central to the geologic discipline of stratigraphy. for permanent storage. This process prevents the carbon dioxide from being released into the atmosphere where it may contribute to climate change. Chartis' product innovation team customized the endorsement language specifically to address carbon capture and storage activities with coverage for environmental risks to natural resources, public and private property, and human health. Russell M. Johnston, President and Chief Executive Officer of Environmental, said, "With client needs in mind, our underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and engineering staff are able to construct an insurance program that helps a client move forward with an innovative carbon capture and storage project, which in turn will have a positive effect on the environment." Chartis is committed to providing environmental and other risk management solutions to companies and organizations looking to advance carbon capture and storage through upcoming projects. For more information regarding risk management solutions for carbon capture and storage projects, please contact Sara Eisenstat at 212-458-6275 or sara.eisenstat@chartisinsurance.com. You can also send an e-mail to environmental@chartisinsurance.com. About Chartis Chartis is a world leading property-casualty and general insurance organization serving more than 40 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry's most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence. Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.Chartisinsurance.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. funds and insureds are therefore not protected by such funds. |
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