INSURANCE
MANAGING THE RENEWABLE ENERGY RISK
An ever increasing global demand for energy combined with international commitments to reduce CO2 emissions has seen an exponential growth in renewable energy technologies which in turn, has created a wide range of new and unique risk and insurance considerations.
COMPLEX TECHNOLOGIES Not only do renewable energy projects vary enormously in scale but the technologies involved are developing rapidly and growing in complexity. Often based in remote locations, these technologies are more exposed to natural catastrophes than standard property risks.
RESEARCH
Wind turbine loss statistics, gathered by HSB Engineering Insurance, show the diverse nature of the types of losses associated with wind turbines. According to HSB, 42% of insurance claims handled related to mechanical breakdown and 19% to electrical breakdown, whilst 23% of claims were the result of natural catastrophe, with damage caused by lightning or storm.
ADEQUATE COVER
Such losses highlight the importance of obtaining the right insurance cover to protect these valuable assets. As well as material damage to a wind turbine, it is important to ensure that there is cover included for loss of revenue. Replacement parts are often sourced from overseas and can cause lengthy delays before a turbine is operational once again.
WHEN LIGHTNING STRIKES – A VERY REAL SITUATION
A claims example from HSB Engineering Insurance saw a lightning strike cause a wind turbine blade to shatter, putting the turbine out of action and unable to export electricity to the wind park transformer for onward exportation to the grid. HSB was able to source a spare blade and arrange delivery, thereby limiting the period the wind turbine was inoperable. A total claim of more than £52,000 was paid for the damage to the turbine as well as more than £11,000 for loss of revenue.
TOP 5 REASONS FOR CLAIMS • Mechanical breakdown • Electrical breakdown • Lightning strike • Storm damage • Fire
TOP 5 CLAIMS BY COMPONENT • Gearbox • Blade • Generator • Electrical Cabling • Transformer
HSB ENGINEERING INSURANCE HSB Engineering Insurance is a leading specialist provider of engineering insurance and inspection services with extensive experience in providing insurance cover for on-shore renewable energy risks around the world. Insurance policies are specifically designed with the renewable energy customer in mind and provide cover for assets and revenue during both the construction and operational phases.
HSB Engineering Insurance
www.hsbeil.com
e = See enhanced entry online
www.windenergynetwork.co.uk
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