24 March 2014 Insurance

Lloyd’s backs Polar Code initiative

Lloyd’s of London has backed a proposed initiative to foster a common ice regime in the Arctic that would support the Polar Code and improve safety standards.

The insurance hub was the venue for a workshop held in conjunction with the Swedish Club, the Swedish Polar Research Secretariat, and The Nordic Association of Marine Insurers, which looked at the need to address gaps in knowledge and co-ordinate ice data and ice regimes.

The workshop saw representatives of the insurance and maritime industries, governments, and the research community, as well as a number of prominent ice captains, discuss how best to gather knowledge and foster an integrated approach.

“The workshop and the submissions that will be made to the Arctic Council are a significant step forward for sustainable shipping in the Arctic and should go some way to closing the knowledge gap which will protect the indigenous people, those who work in the industry, and the environment,” said Michael Kingston, partner at DWF LLP, who also worked with Lloyd’s on its Arctic Report.

While the Polar Regions offer significant opportunities in oil and gas reserves, they also present extreme and fast changing risks. Due to increased activity in the region, an international code of safety is being developed for ships operating in these waters.

When ratified, the Polar Code should see ship owners mitigate the risks associated with operating in polar seas, explained Neil Roberts of the Lloyd’s Market Association (LMA).

Following the workshop, proposals are now being drafted to establish a forum to develop a comprehensive ice regime, and to agree an enforcement regime in international waters outside the Exclusive Economic zone. The proposals, which would enhance the Polar Code and create industry-led standards, will be sent to the Arctic Council.

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