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Axis Capital: Top Tips to Get Renewable Energy Insurance Precise


Posted Oct 7, 2014 by hanigoe19
Insurance is a significant area, which the renewable energy entrepreneur must study cautiously. This should be a warning!
 

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Pressnews.biz (Press Release) Oct 7, 2014 -- AXIS Capital, is a group of Insurance companies based in Bermuda, London, Dublin, Canada, Australia and Singapore (servicing SE Asian countries as well such as KL Malaysia, Bangkok Thailand, Jakarta Indonesia and many more) who underwrite Energy Insurance provides you these tips to get renewable energy insurance right.

Insurance is a significant area, which the renewable energy entrepreneur must study cautiously. This should be a warning!

Insurance cover for renewable energy installations can be added to existing farm policies, but this is likely to only cover only damage. It is therefore important to tailor cover to protect both the investment and the income it provides, says John Pieri of H&H Insurance Brokers, Carlisle.

He wishes those with installations to review what protection their cover gives.

The main areas of cover are basically similar and needs to be distinctly measured and organized:

• Damage – covers storm, fire, lightning, accidental damage and malicious damage
• Breakdown cover – pays for parts and labour following a breakdown
• Theft – especially cabling and smaller ancillary parts
• Loss of revenue – protects any loss of revenue following damage or breakdown, also referred to as income protection or profits cover
• Public liability – protects against third-party damage or injury, particularly relevant to turbines if they are near another property.

As well as relying on their direct experience of the renewable energy market and its risks, UK insurers use information from Europe, where the market is more developed and there is more historical information, says Mr Pieri.

Consequently, some insurers will no longer offer cover for sure makes or models that are known to have lowly loss ratios or untrustworthy technology, so it is worth examining the accessibility of cover before obligating to a model or make.

“Particular attention needs to be paid to the construction and operational phases, as the standard of insurance cover required for each differs. Loss of profits needs to be considered, especially if there is a delay with the construction.”

Biomass brings its own particular risks, which some may not appreciate and which may not be included in a standard policy, he says. These include:

• Fire or explosion
• Breakdown
• Spontaneous combustion of fuel stock – woodchips should be kept in a well-ventilated storage area
• Protective breathing equipment may be needed for those handling very dry, dusty material.
-- EOF ---
Contact Email : hani...@inbox.com
Issued By : Axis Capital group Insurance
Country : Denmark
Categories : Business, Insurance
Tags : Axis, capital, Group, Insurance, Tips, renewable, energy
Last Updated : Oct 7, 2014

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