Question about Poseidon Principles? Here we have collected the most common inquiries.
1. What data are you collecting?
Vessels’ 2022 fuel consumption data as reported to IMO DCS for vessels insured by Norwegian Hull Club as a H&M Claims leader 1st October 2022
2. Is the reporting mandatory?
The reporting is mandatory for clients with the PPMI clause in their policy. We also hope other clients are willing to report.
3. Who is IHS Markit?
IHS Markit collect the fuel consumption on our behalf and calculate the vessels alignment with emission targets. IHS does not use the data for other purposes.
IHS Markit is part of the S&P Global. IHS Markit provides maritime tailored data services and products like the Maritime Portal, Sea-web and AISLive. IHS Markit is also solely responsible for assigning IMO numbers on behalf of IMO.
4. What parties are involved in the reporting?
For fleets participating in last year’s collection process this year’s data request will be sent to the Email that reported last year. For other fleets the request will be sent to the broker with a request to forward to the client. The client should send the data directly to IHS.
5. Why can some vessels be missing from fleet list – and what should I do?
If you are willing to share fuel consumption data on more vessels than requested and these vessels are insured by Norwegian Hull Club, feel free to add these vessels to the reporting template.
6. How can I check if the vessel’s H&M cover is led by Norwegian Hull Club?
The vessels currently led by Norwegian Hull Club are available on www.norclub.com/casualty-response/vessels. The Poseidon reporting is based on vessels led by The Club 1st October 2022 – and the vessel lists sent to the managers reflect this.
7. Why are you asking for GT, DWT vessel type etc?
We only need the Imo-number, nautical miles and fuel consumption for each fuel type to calculate the AER and Poseidon Alignment (as we have the other data). By using the same reporting template as IMO-DCS (and the Poseidon banks) we hope that the data can easily be copied to the template.
8. What will the data be used for?
The data will only be used for portfolio reporting. Last year’s annual disclosure report is available at https://www.poseidonprinciples.org/insurance/wp-content/uploads/2023/01/Poseidon-Principles-for-Marine-Insurance-Annual-Disclosure-Report-2022.pdf
Vessel data will only be shared with other Poseidon Principle Signatories with H&M cover on the vessel 1st October 2022. Ref the PPMI governance rules at https://www.poseidonprinciples.org/insurance/wp-content/uploads/2021/11/Poseidon-Principles-for-Marine-Insurance-Governance-Rules.pdf
5.4 Each Signatory and Affiliate Member shall ensure that there are adequate measures in place in order to prevent misuse of the information received by the Signatory and/or Affiliate member in their capacity as Signatory or Affiliate Member of the Poseidon Principles Association for Marine Insurance. Misuse in this regard includes; A) publishing data collected to comply with reporting obligations under the Principles beyond what is provided by the Technical Guidance; and B) allowing third parties, including Calculation Providers, to use the data for purposes other than to assist the Signatories calculate their portfolio alignment.
9. Where can I find more information on Norwegian Hull Club’s initiatives on sustainability?
Norwegian Hull Club’s sustainability report is available at: www.norclub.com/sustainability and as part of the 2022 Annual Report here.
10. Who should I contact if I have questions or comments related to the data collection?
Please contact IHS at poseidonprinciples@ihsmarkit.com or Norwegian Hull Club via email at ppmi@norclub.com