The impact of the Polar Code on risk mitigation in Arctic waters : a “toolbox” for underwriters?

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http://hdl.handle.net/10138/308915

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Gritsenko , D , Fedi , L & Faury , O 2018 , ' The impact of the Polar Code on risk mitigation in Arctic waters : a “toolbox” for underwriters? ' , Maritime Policy and Management , vol. 45 , no. 4 , pp. 478-494 . https://doi.org/10.1080/03088839.2018.1443227

Title: The impact of the Polar Code on risk mitigation in Arctic waters : a “toolbox” for underwriters?
Author: Gritsenko, Daria; Fedi, Laurent; Faury, Olivier
Contributor: University of Helsinki, Russian and Eurasian Studies (Aleksanteri Institute)
Date: 2018
Language: eng
Number of pages: 17
Belongs to series: Maritime Policy and Management
ISSN: 0308-8839
URI: http://hdl.handle.net/10138/308915
Abstract: 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 we 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.
Subject: 517 Political science
Polar Code
Arctic
risk
underwriters
hazard sources
TRANSPORT
ICE
GOVERNANCE
ACCIDENTS
FRAMEWORK
SYSTEMS
PORTS
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