Bloomberg: Parhelion Underwriting Ltd. became the first insurer to offer a policy to protect companies from the invalidation of carbon offset credits sold as part of California's cap-and-trade program.
Parhelion, based in London, will sell insurance for permits originally issued by the Climate Action Reserve, an independent registry in Los Angeles, the companies said in an e-mailed statement today. California holds the buyer responsible for the costs of a project that's invalidated because it didn't produce...