Zurich Insurance pulls out of Trans Mountain pipeline project

first_imgZurich Insurance pulls out of Trans Mountain pipeline project FacebookTwitterLinkedInEmailPrint分享Reuters:Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups.All financial services companies are under pressure from environmental campaigners to cease doing business with the fossil fuel industry.A planned expansion of the Trans Mountain pipeline, which ships oil to British Columbia from Canada’s main oil-producing province of Alberta, has also drawn ire from some First Nations leaders anxious about the impact on their communities.Trans Mountain said it has the insurance it needs for its existing operations and the “expansion project”. “There remains adequate capacity in the market to meet Trans Mountain’s insurance needs and our renewal,” the spokeswoman said in an emailed statement.The Trans Mountain pipeline’s annual liability insurance contract, dated August 2019 but filed with the Canada Energy Regulator on April 30, 2020, had shown Zurich was the lead insurer for the pipeline. The insurance, which provides $508 million of cover, runs to August 2020, the filing showed.Zurich was the sole insurer for the first $8 million of potential insurance payouts and the company provided a total of $300 million in cover with other insurers, the 2019/20 energy regulatory filing showed.[Noor Zainab Hussain, Carolyn Cohn, Rod Nickel and Suzanne Barlyn]More: Zurich Insurance drops cover for Trans Mountain oil pipelinelast_img

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