INSURANCE
CLIVE OWEN, ACCOUNT EXECUTIVE FOR THE INSURANCE PARTNERSHIP EXPLAINS WHY IT IS ESSENTIAL THAT YOU...
PROTECT YOUR RENEWABLE ENERGY INVESTMENT
As renewable energy technology becomes more efficient and affordable, more land-owners and businesses are looking into the benefits of wind turbine projects in terms of generating income, cost savings and reducing their environmental impact.
When considering installing a wind turbine, insurance can often be the last thing on your mind, after all, you’ve got to get through planning, arrange a grid connection and then get your wind turbine up, running and generating a return of investment but it’s worth pausing and checking first that you can insure your turbine of choice, rather than install it, and find out it’s an uninsurable risk!
SO WHAT DO YOU NEED TO LOOK OUT FOR, IN REGARDS TO INSURING YOUR TURBINE?
To date, insurance of turbines is not adequately covered under a Farm Combined policy, or indeed, any other form of Commercial Combined policy.
ALL RISKS
The cover you need should be as close to “All Risks” as possible, including mechanical and electrical breakdown, and equally important, including any subsequent Business Interruption following an insured loss. Some see adding breakdown cover as duplicating the manufacturers guarantee, but beware that their guarantee is time limited and will not normally include loss of revenue.
You will also need to consider what would happen if a blade, for example, fell on your neighbour’s property, or worse yet, causing bodily injury. When it comes to liability insurance, it’s generally best to insure for the worst and hope for the best.
SPECIALIST ENGINEERING INSURERS Policy wordings have evolved quickly in recent years as the insurers become more aware of the risks involved, and it is the specialist engineering insurers who are coming up with the most comprehensive wordings which is backed up with very competitive prices.
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www.windenergynetwork.co.uk PEACE OF MIND
For peace of mind get your Broker to go through and explain your policy carefully, so you understand your liability limits and coverage. It is worth pointing out that a specialist policy will not usually include Public Liability cover, so it is important to add this under a Commercial Combined policy, at usually very little or no extra cost.
Finally always check that your wind farm facilitators and builders are properly insured as they will generally cover the construction risks, providing cover for the contract works, any delays in start up, hired in plant, and Employers and Public Liability during the installation.
SUMMARY
The best advice is to talk to an independent insurance broker who specialise in wind energy, from the start of the project. They will look at the big picture—your system, its location, and the potential for liability issues and who can compare and place the correct protection for your investment.
Remember, preparing for the proverbial rainy day, may help you enjoy the sunshine—and wind— all the more with the proper protection in place from day one.
The Insurance Partnership
www.insurance-partnership.com
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