The challenge
Farmers and landowners across the UK are turning their land into sources of renewable energy. By putting up wind turbines or solar panels, they’re saving on energy costs, establishing a new revenue stream, and reducing carbon emissions.
Let’s say a British farmer or developer wants to erect a handful of wind turbines on her property. An early obstacle is navigating the often-complex process of buying insurance. Today, those taking on a renewable energy project may have to piece together an array of policies from a variety of carriers. Companies may specialize in certain types of coverage but have a limited appetite for others. The process gets even more complicated when you consider the number of potential insured parties, from lenders to contractors, to consultants. A single project might end up with a complex web of numerous insurance policies with multiple carriers. The challenge of piecing together insurance coverage is a major hurdle for that British farmer or developer hoping to get her wind energy project off the ground.
How Chubb can help
These projects will soon have a one-stop shop for meeting their insurance needs: a Renewable Energy Package policy from Chubb. Launching in the UK in April 2023, this tailor-made solution combines core coverage terms that undertakers of renewable energy projects typically must purchase piecemeal. That includes material damage to the site during construction, operational delays due to physical damage, loss or damage to goods in transit, and damage resulting from unexpected pollution incidents.
The British farmer’s wind turbine project would start with a policy for the construction phase, typically lasting 12 to 18 months, then automatically roll over into a first-year operations policy. From there, the policy would become renewable annually.
Chubb is uniquely positioned to offer this multi-faceted solution, drawing on its extensive experience insuring renewable energy assets around the globe, from hydro plants to wind projects. The company is bringing together its expertise across lines of business to create a powerful, streamlined package designed for those embarking on small and medium-sized renewable energy projects. From breaking ground through becoming fully operational and beyond, the Renewable Energy Package policy makes it simple to buy insurance for solar and wind farms with a single carrier.
Contributing to a net zero future
With easy access to a custom-built insurance package, the British farmer can establish a wind farm that powers her home, sell energy to the grid, and support the UK’s transition to a carbon-neutral future. Over the next five years, the world is expected to add as much renewable energy capacity as it did over the past two decades. Small and medium-sized solar and wind plants will be key to building a new generation of energy resources. Chubb’s Renewable Energy Package is one way to make the journey as smooth as possible.