The impact of the Polar Code on risk mitigation in Arctic waters: a “toolbox” for underwriters?
The existing risk weighing on vessel, crew and ecosystem in the Arctic and more globally in Polar waters promoted the adoption of the Polar Code (PC) early 2017, a mandatory international legal framework intended for enhanced safety and environmental protection. While the substance of the PC has been extensively analyzed, few studies have focused on the underlying relationships between the PC and underwriters. Based on an extensive literature review, documentary materials and interviews with insurance companies, this article conceptualizes the PC as a “toolbox” and analyzes how underwriters can exploit it in their work within the emerging Arctic market. The PC does not only regulate the navigation in Arctic waters in legal terms, but is also aimed at mitigating risks in the Polar areas through the identification of hazard sources and proceduralization of risk assessment. As a result the authors observe a certain “Polar Code paradox”. Even though the PC is a risk-based instrument and constitutes a key step for improving ship insurability, it has only limited capacity to assist underwriters in assessing risks and insuring vessels. Marine insurers still face a lack of data and high pending uncertainties leading them to exercise extreme caution with Arctic risks appraisal.
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Availability:
- Find a library where document is available. Order URL: http://worldcat.org/oclc/2899960
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Supplemental Notes:
- © 2018 Informa UK Limited, trading as Taylor & Francis Group. Abstract republished with permission of Taylor & Francis.
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Authors:
- Fedi, Laurent
- Faury, Olivier
- Gritsenko, Daria
- Publication Date: 2018-5
Language
- English
Media Info
- Media Type: Web
- Features: Figures; References;
- Pagination: pp 478-494
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Serial:
- Maritime Policy & Management
- Volume: 45
- Issue Number: 4
- Publisher: Taylor & Francis
- ISSN: 0308-8839
- EISSN: 1464-5254
- Serial URL: http://www.tandfonline.com/loi/tmpm20
Subject/Index Terms
- TRT Terms: Literature reviews; Polar regions; Risk management
- Identifier Terms: International Code for Ships Operating in Polar Waters (Polar Code)
- Uncontrolled Terms: Underwriting
- Geographic Terms: Arctic Ocean
- Subject Areas: Law; Marine Transportation; Safety and Human Factors; Vehicles and Equipment;
Filing Info
- Accession Number: 01670307
- Record Type: Publication
- Files: TRIS
- Created Date: May 29 2018 10:20AM