Marine Build Back Better Endorsement

At Allianz Commercial, we’re committed to driving sustainability in the maritime industry with innovative solutions that support our clients’ transition to net-zero. With the maritime sector advancing towards net-zero by 2050, we recognize the need for proactive, impactful solutions. Our endorsement helps shipowners and operators invest in their vessel’s future.

That’s why we’re proud to introduce the Marine Build Back Better Endorsement - a solution for Hull & Machinery clients, designed to help our Maritime & Shipping clients navigate evolving regulations. 

This first of its kind in the Commercial Hull & Machinery Insurance Business endorsement provides:

• €1 million / $1 million to €3 million / $3 million in sublimited coverage for repairing or replacing damage to a ship’s Hull and/or Machinery, based on fleet size.
• A Build Back Better incentive— the repair or replacement must use  materials that reduce greenhouse gas emissions or materials with lower embodied carbon than original materials.
• It must increase energy efficiency by at least 5%, and/or lower CO2eq emissions per kWh by at least 5%, and/or reduce carbon emissions by 5%, or provide an accumulation of all three prerequisites to meet 5% minimum decarbonisation condition.
• This endorsement offers coverage for the lesser of 50% of the original loss value, or 50% of the incremental decarbonisation costs.