Monitoring compliance to environmental laws and regulations can be costly and
time consuming for insurers, shipowners and regulators alike. Failure to comply
with legislation relating to the recycling of vessels, such as the European Waste
Shipment Regulations and UN Basel Convention, as well as local laws, may lead to
serious consequences, including imprisonment of the parties involved, investigation
of the insurers and heavy financial penalties. Above all, these cases will hit the media
powerfully, resulting in significant reputational consequences.
Solution - REACT Pre/Post-Event Analysis
- Automated monitoring tool for known ship-breaking facilities, using a variety of trusted datasets as well as Earth Observation satellite data
- Trend and behavioural analysis using current and historical data, cross-checking area information with vessels data
RESULT
- Using REACT provided information, insurers are able to monitor and confirm their insured fleet’s compliance with the recycling regulation
- REACT alerts users of potential future breaches of regulations, which are triggered by the system’s automated monitoring of vessels proceeding to shipbreaking facilities. These alerts are fully configurable to the required fleet and areas to be monitored, providing maximum flexibility.
