Renewable energy projects face unique risks requiring tailored insurance solutions to ensure financial and operational stability. Tailored insurance ensures the financial resilience of renewable energy initiatives.
Key Insurance Coverages
- Property Insurance: Covers solar panels, wind turbines, and other equipment against physical damage like storms or theft.
- Weather Risk Insurance: Protects revenue from low energy generation due to insufficient sunlight or wind.
- Construction Insurance: Covers delays, equipment damage during transport, and cost overruns in the development phase.
- Performance Insurance: Protects against underperformance or failure of critical components like turbines or inverters.
- Liability Insurance: Covers third-party claims for property damage or injuries caused by renewable projects.
- Cyber Risk Insurance: Protects smart systems like wind and solar farms from cyberattacks.
- Environmental Liability: Covers pollution or habitat disruption risks during construction or operation.
Emerging Trends
- Increased risks from extreme weather due to climate change.
- Need for coverage in new technologies like offshore wind farms and energy storage systems.
- Growing focus on decommissioning insurance for end-of-life asset disposal.
For any insurance solutions, please contact Beacon Insurance Broker Pvt Ltd at https://www.beacon.co.in/
Insurance is a subject matter of solicitation
