Gold Standard

Request for Proposals

CORSIA Phase 1: Designated Organisation to Manage Assessment and Approval of Insurance Policies

  • Period Feb 20, 2025 - Mar 12, 2025
  • Deadline Mar 12, 2025 at 16:00 (European Central Time GMT+1:00)

Overview and purpose of the assignment

Gold Standard is seeking to identify and designate an organisation that would be responsible for the assessment of third-party private insurance policies against set criteria adopted by Gold Standard, to ensure they can adequately respond to instances of double counting between CORSIA and the NDC of a Party to the Paris Agreement.

Insurance policies that are assessed by the designated organisation to meet the set criteria would be deemed approved for use by project developers under Gold Standard’s guidance on the eligibility of Gold Standard VERs for use under CORSIA’s first phase.

 

Based on terms of reference agreed with Gold Standard, the designated organisation is envisaged to be responsible for the following tasks:

1.    Establishing and managing a process for receiving applications and undertaking assessments of insurance policies, as well as making decisions on compliance with the adopted criteria

2.    Establishing and managing a process for the ongoing re-assessment of insurance policies approved as compliant

3.    Establishing and managing a webpage to provide public information on the assessment procedure, the adopted criteria, and the insurance policies approved as compliant

4.    Managing all engagement with insurance providers related to the assessment process, including establishing a process for complaints or appeals

5.    Collecting any fees from insurance providers, based on a fee schedule agreed with Gold Standard

6.    Other engagement with Gold Standard as required, including the provision of any feedback to Gold Standard on the adopted criteria or other improvements

 

While still subject to finalisation, the criteria for assessment are expected to address the following topics:

1.    Period/term: Ensuring the policy coverage applies for the full risk period.

2.    Insolvency: Ensuring suitable provisions are in place to manage situations where the insured entity goes insolvent.

3.    Indemnity: Ensuring suitable terms are in place for the compensation of the insured entity in the event of non-application of a corresponding adjustment.

4.    Payout: Ensuring the policy provides for a timely payout of compensation.

5.    Security: Ensuring the insurance provider has an adequate security rating.

6.    Trigger: Ensuring that a demand notice for the replacement of double-counted units is recognised as a trigger under the policy.

7.    Territory: Ensuring the policy is written for the jurisdiction in which insured entities are domiciled.

8.    Exclusions: Ensuring that the policy coverage includes both discriminatory and non-discriminatory action by the relevant host country that result in non-application of a corresponding adjustment.

Please read the full Request for Proposals in the document listed here below

RfP details document

  • RfP CORSIA Insurance Assessments

Submission process and deadline

Please submit your proposal to Plamena Georgieva no later than 12th March 2025, 17:00 CET. 

Indicative timeline

Indicative date for award of a contract

Second half of March 2025

  • Avatar

    Plamena Georgieva, Programmes Manager, Market Development & Partnerships

    [email protected]