Source：Hydrogen Fuel News

London P&I Club and H2Terminals have joined forces.

Following the signing of an MoU, the two companies formally partnered to evaluate and develop specialized hydrogen insurance solutions for green H2 maritime shipping. H2Terminals is a UK-based hydrogen marine technology company and London P&I Club is an England-based maritime insurer.

H2Terminals’ has big green hydrogen plans.

H2Terminals plans to produce green hydrogen on floating barges. These barges are floating in the Thames Estuary. Onboard hydrogen production on these barges is to be powered by electricity from an energy island located about 100 kilometers (62.1 miles) offshore.

Using liquid hydrogen carrier vessels, H2Terminals aims to distribute its hydrogen to businesses along the Thames. Each of these vessels can hold 50 tons of liquid H2, with the vessels themselves powered by hydrogen.

The company is reportedly advancing a groundbreaking liquid hydrogen terminal in London, anchored on the Thames. The first phase of this project is expected to be finished by the end of next year, with a capacity to receive and store 70,000 tons of liquid hydrogen annually.

The hydrogen insurance partnership between H2Terminals and London P&I Club is significant for hydrogen transport. According to H2Terminals CEO Gerry Wilkinson, combining H2Terminals’ innovative hydrogen transportation tech with first-rate marine insurance provides a full solution, creating new standards to reliably and safely transport clean energy.

The London P&I Club is focused on creating tailored hydrogen insurance solutions.

What also makes the partnership significant is that London P&I Club intends to create customized insurance solutions for H2Terminals’ hydrogen-powered vessels, liquid H2 storage systems and onboard fuel cells.

Over the course of the next 12 months, the companies will evaluate H2Terminals’ precise hydrogen insurance needs, including assessing the risks related to green hydrogen marine transport and, from there, come up with a customized insurance framework. The companies will also collaborate to establish best practices for insuring the transportation of bulk liquid hydrogen.

There is a growing need for hydrogen insurance solutions for businesses, especially as the industry grows. This is due to their being many unique risks and challenges associated with the production, storage, and transportation of the fuel. Some of these risks and challenges includes safety risks, infrastructure costs, operational risks, environmental impacts, regulatory compliance, liability risks, and market volatility.

Overall, insurance solutions are vital for managing the various complex risks in the H2 industry. Insurance can help hydrogen companies to focus on improvement and growth while at the same time being able to depend on a safety net should setbacks arise.