Lexington Insurance Co. says its CarbonCover ODS product meets the emerging needs of the climate change and greenhouse gas emissions sector.
CarbonCover ODS responds to direct physical loss or damage of a physical asset that is being collected to create carbon offset credits. These assets can include ozone depleting substances (ODS) removed from refrigeration systems, or methane gas that is extracted from landfills or underground mines.
“The unique loss valuation structure of CarbonCover ODS allows project developers to protect against lost income they could suffer when they are using property with relatively low replacement cost value to create a higher-value carbon offset credit–and that property is lost or damaged during the process,” says a statement form Erik Nikodem, executive vice president at Lexington Insurance Co., a unit of Chartis.
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