protecting your Renewable energy projects
Why do you need to protect your renewable energy projects?
The risks inherent in renewable energy can be challenging and have far-reaching consequences for stakeholders. The sharing of risks is critical for a project’s success. But despite your best efforts it’s these risks that can make it difficult for renewable energy projects and plants to be adequately insured.
- Protecting your renewable energy projects
At the start of a project, regardless of technology, due diligence is the first task to be completed. You need to ensure you fully assess the risks associated with your plant.
- Risk factors
By the very nature of the technologies involved, renewable energy projects have unique complexities. A number of risk factors have to be considered from early phases of planning, through construction of the project until completion and hand-over.
- Crisis management support
Crisis management support can be vital, providing advice before, during and after an incident, be it through training, planning or assessing it can help your plant survive the unforeseen.
How our renewable energy experts can help
We can advise on key areas of company risk to help reduce claims and business disruption. We help to protect you, your business, and your employees as well as helping to manage your insurance premiums. We have a unique understanding of the renewable energy sector, giving you the confidence you need in your insurance programme.
The risks faced by the renewables sector can be daunting and sourcing the right cover can be time consuming. Contact our renewable energy experts for assistance with your project.
Renewable energy projects risk factors
These should include but are not limited to; environmental hazards, theft, equipment damage, financial risks, profit loss, health risks and site management.
Whether this is your first project, or you are an experienced investor, getting insurance cover and mitigating the risks should be a priority during the planning process.
The risk of planning
Be aware that planning involves the collaboration between multiple stakeholders and this can be challenging. The results from assumptions made at this stage will become apparent later in the project lifecycle.
Decisions made when planning could mean the project is suspended or cancelled if financial close cannot be achieved, procurement fails or if technological risks are too high.
Construction and risk
Major risks that need to be identified, quantified and managed are driven by the agreements made during the concept and planning stages. Financial advice on these agreements should be sourced during the application for funding process and the pre-construction stage, and immediately before construction begins.
Operational projects which require a high level of investment often have a high profile and demand a period of stable long term financial return throughout the lifecycle. Loss or interruption to the desired performance of an energy plant can have long lasting repercussions for everyone involved.
Renewable Energy Projects Policy Coverage
We can provide policies that cover:
- Complex claims negotiation and settlement provided by technical claims experts
- Cyber liability
- Directors and Offices (D&O)
- Due diligence to ensure contractual and lenders insurance requirements are met
- Employers’, public, products and environmental Liability
- Erection all risks/contract works insurance
- Financial security in respect of decommissioning
- Marine cargo/transit
- Mergers, acquisitions, divestitures and related run off or tail programmes
- Operational phase insurance including, material damage business interruption and mechanical breakdown
- Owner controlled insurance programme for the construction phase of your project including delay in start-up covering your advance loss of profits
- Public, environmental and employer liability
What our clients say
Paul Bille, Director
Vale Green Energy Limited
Looking for and deciding upon Renewable Energy Insurance is usually a testing process, however, we have received a first rate service and I would be happy to recommend Marsh Commercial. I am extremely happy with the policy provided and was particularly impressed with the knowledge and expertise demonstrated in such a specialised field.
Frequently asked questions
Whatever you do in the sector, our experience enables us to negotiate competitive insurance and risk management solutions focused on your needs.
The sectors we can cover are:
Yes. Insurers prefer to be involved as early as possible. Involving an insurer from the outset clearly benefits your project as;
- they will understand your plant; and
- you will be able to factor in loss mitigation controls they require from the outset. It is far more financially viable from a Capital Expenditure (CAPEX) perspective to do this than trying to retrofit which can be extremely costly.
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