The impact of the Polar Code on risk mitigation in Arctic waters: a ‘Toolbox’ for underwriters?
International audience 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 subs...
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ftnormandieuniv:oai:HAL:hal-02065910v1 2023-11-12T04:10:47+01:00 The impact of the Polar Code on risk mitigation in Arctic waters: a ‘Toolbox’ for underwriters? Fedi, Laurent Faury, Olivier Gritsenko, Daria Kedge Business School Talence Métis Lab EM Normandie École de Management de Normandie (EM Normandie) Helsingin yliopisto = Helsingfors universitet = University of Helsinki 2018 https://normandie-univ.hal.science/hal-02065910 https://doi.org/10.1080/03088839.2018.1443227 en eng HAL CCSD Taylor & Francis (Routledge) info:eu-repo/semantics/altIdentifier/doi/10.1080/03088839.2018.1443227 hal-02065910 https://normandie-univ.hal.science/hal-02065910 doi:10.1080/03088839.2018.1443227 ISSN: 0308-8839 EISSN: 1464-5254 Maritime Policy and Management https://normandie-univ.hal.science/hal-02065910 Maritime Policy and Management, 2018, 45 (4), pp.478-494. ⟨10.1080/03088839.2018.1443227⟩ Polar Code Arctic risk underwriters hazard sources [SHS.GESTION]Humanities and Social Sciences/Business administration info:eu-repo/semantics/article Journal articles 2018 ftnormandieuniv https://doi.org/10.1080/03088839.2018.1443227 2023-10-31T23:40:50Z International audience 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. Article in Journal/Newspaper Arctic Normandie Université: HAL Arctic Maritime Policy & Management 45 4 478 494 |
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Open Polar |
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Normandie Université: HAL |
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ftnormandieuniv |
language |
English |
topic |
Polar Code Arctic risk underwriters hazard sources [SHS.GESTION]Humanities and Social Sciences/Business administration |
spellingShingle |
Polar Code Arctic risk underwriters hazard sources [SHS.GESTION]Humanities and Social Sciences/Business administration Fedi, Laurent Faury, Olivier Gritsenko, Daria The impact of the Polar Code on risk mitigation in Arctic waters: a ‘Toolbox’ for underwriters? |
topic_facet |
Polar Code Arctic risk underwriters hazard sources [SHS.GESTION]Humanities and Social Sciences/Business administration |
description |
International audience 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. |
author2 |
Kedge Business School Talence Métis Lab EM Normandie École de Management de Normandie (EM Normandie) Helsingin yliopisto = Helsingfors universitet = University of Helsinki |
format |
Article in Journal/Newspaper |
author |
Fedi, Laurent Faury, Olivier Gritsenko, Daria |
author_facet |
Fedi, Laurent Faury, Olivier Gritsenko, Daria |
author_sort |
Fedi, Laurent |
title |
The impact of the Polar Code on risk mitigation in Arctic waters: a ‘Toolbox’ for underwriters? |
title_short |
The impact of the Polar Code on risk mitigation in Arctic waters: a ‘Toolbox’ for underwriters? |
title_full |
The impact of the Polar Code on risk mitigation in Arctic waters: a ‘Toolbox’ for underwriters? |
title_fullStr |
The impact of the Polar Code on risk mitigation in Arctic waters: a ‘Toolbox’ for underwriters? |
title_full_unstemmed |
The impact of the Polar Code on risk mitigation in Arctic waters: a ‘Toolbox’ for underwriters? |
title_sort |
impact of the polar code on risk mitigation in arctic waters: a ‘toolbox’ for underwriters? |
publisher |
HAL CCSD |
publishDate |
2018 |
url |
https://normandie-univ.hal.science/hal-02065910 https://doi.org/10.1080/03088839.2018.1443227 |
geographic |
Arctic |
geographic_facet |
Arctic |
genre |
Arctic |
genre_facet |
Arctic |
op_source |
ISSN: 0308-8839 EISSN: 1464-5254 Maritime Policy and Management https://normandie-univ.hal.science/hal-02065910 Maritime Policy and Management, 2018, 45 (4), pp.478-494. ⟨10.1080/03088839.2018.1443227⟩ |
op_relation |
info:eu-repo/semantics/altIdentifier/doi/10.1080/03088839.2018.1443227 hal-02065910 https://normandie-univ.hal.science/hal-02065910 doi:10.1080/03088839.2018.1443227 |
op_doi |
https://doi.org/10.1080/03088839.2018.1443227 |
container_title |
Maritime Policy & Management |
container_volume |
45 |
container_issue |
4 |
container_start_page |
478 |
op_container_end_page |
494 |
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1782330089955917824 |