Energy
Energy insurance for renewable energy production is a specialized type of insurance that protects businesses and projects involved in generating and storing sustainable power. Traditional insurance policies often don’t provide sufficient coverage for the unique risks associated with renewable sources like solar, wind, and battery storage.
Key Coverages for Renewable Energy Insurance
These policies are tailored to cover the entire life cycle of a project, from the initial construction phase to ongoing operations. Here are some of the key coverages:
Property Damage and Machinery Breakdown - This is a core coverage that protects physical assets like solar panels, wind turbines, and battery systems from damage caused by natural events like storms and fires, as well as mechanical or electrical failures.
Business Interruption - This type of insurance provides financial stability if a renewable energy operation is halted due to a covered loss. It compensates for lost revenue and ongoing expenses during the downtime, which is crucial for maintaining cash flow.
Liability Coverage - This protects against third-party claims for personal injury or property damage that may arise from the project's operations. This can also include environmental liability coverage for costs related to pollution or cleanup.
Parametric Insurance - An innovative type of coverage for renewable energy, parametric insurance pays out based on predefined triggers rather than actual physical damage. For example, a wind farm could have a policy that pays out if wind speeds fall below a certain threshold for a set period, which directly affects energy production and revenue.
We can provide covers for a multitude of Energy related activities, including and not limited to: -
Photovoltaic parks
Aeolic (Wind) farms
Biomass Electric plants
Hydroelectric plants
Geothermal Electrical power plants
Offshore Industry
Gas and Petroleum Industry
Photovoltaic parks
Aeolic (Wind) farms
Biomass Electric plants
Hydroelectric plants
Geothermal Electrical power plants
Offshore Industry
Gas and Petroleum Industry