Chubb has announced the launch of an insurance solution for offshore wind farms.
Chubb’s Offshore Wind Farm policy has been developed to support green energy providers through the entire offshore wind farm process – from project inception through to energy production, storage and distribution.
The policy offers Construction All Risks, Delay in Start-Up and Operation All Risks cover, in addition to business interruption, third-party liability and terrorism.
It has been developed by the Energy team at Chubb Global Markets (CGM), which comprises Chubb’s London market wholesale and specialty business.
The development of renewable offshore wind energy has become a key aspect of the green energy strategy of many countries around the world. This year global offshore wind capacity additions are expected to increase 60% to more than 10 GW, according to the International Energy Agency’s Renewable Energy Market Update 2021.
Countries involved in offshore wind production include the UK, U.S., Netherlands, France, Germany, Denmark, Poland and Ireland.
“This new product line will help us provide underwriting solutions for clients evolving towards more green technology, in addition to those who may have been operating in this space for some time,” commented Melanie Markwick-Day, head of Upstream Energy and Offshore Renewables, Chubb Global Markets.
“In the context of decarbonization, a supportive regulatory framework, low interest rates and lenders more confident with associated risks, we will be providing valued support to green energy producers by offering certainty of cover from when they start the project planning phase to when their offshore wind farms become fully operational and beyond,” said Andrew Brown, head of Energy, Chubb Global Markets.
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