Wind farms, biomass plants and solar energy farms are all becoming increasingly common and effective sources of power. Businesses involved in the development, installation and maintenance of renewable energy equipment, or which operate a plant or farm, can all benefit from specialist insurance.
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Renewable Energy Insurance typically covers both the equipment itself as well as the potential business interruption incurred in a claims situation, including:
- Material damage
- Machinery breakdown
- Debris removal costs
- Professional consultation/engineering fees
- Temporary or permanent repairs
- Professional accountancy fees
With UK government targets proposing 15% energy consumption from renewable sources by 2020, investment in renewable energy technologies is set to rise. Manufacturers, developers, contractors, designers, operators and investors all need take the risks into account to ensure that you have an ample risk management plan for this ever-changing territory.
To sufficiently protect a wind farm, wave power, solar panel or biomass project investment, the risks faced must be estimated at every phase, including contracting, construction and ongoing operations.
The feasibility of the project must realistically be determined, weighing construction and technology, payment, operation, maintenance, financial, political and sponsorship risks against financial projections and potential revenue stream.
Cover will vary depending on the energy source, equipment required and other variables. Typically, a policy will cover material damage and machinery breakdown to insured property, business interruption, debris removal costs, engineer fees to investigate repairs, costs to prevent or mitigate impending loss and professional accountancy fees in respect of a business interruption claim.
Exclusions may include wear and tear, loss or damage due to overloading, seepage, pollution or contamination, mould or mildew, terrorism, acts of war or nuclear/radioactive contamination.