Wind Turbine Insurance
We Provide Bespoke Insurance cover for Onshore Wind Projects, from single 3kW systems, right up to Large Scale Wind Farms.
We also have Delegated Binding Authority For Operational All Risks, which allows us to quote, place cover and issue Documentation for Approved Wind Turbines up to 500kW.
This extends to include Public Liability up to £10,000,000 Any One Claim.
Cover is placed with ‘A’ rated, bankable & specialists renewable energy insurance companies.
Our client base within the wind turbine sector includes landowners, funders, installers, farmers, project manufacturers and private individuals –
Examples of the covers we can provide –
Wind Turbine Insurance/Wind Farm Insurance : Construction/Installation Phase
- Employers Liability Insurance
- Public Liability Insurance
- Professional Indemnity Insurance
- Contractors All Risks insurance inc Contract Works
- Delay in Start Up/Advanced Profits Insurance
- Goods in Transit Insurance/Marine Insurance
- Reinstatement / Decommissioning Insurance – Alternative to a bond
- Legal Expenses
Besides offering insurance cover for the planning & construction/erection of wind turbines we also provide insurance cover for the operation of the project as per the covers below:
Wind Turbine Insurance / Wind Farm Insurance : Operational Phase
- All Risks Cover – Cover against Damage to the wind turbine & associate equipment including perils, Fire, Lightning, Storm, Theft, Accidental& Malicious Damage
- Breakdown Cover – Cover against costs of parts & labour following breakdown of the wind turbine
- Loss of Revenue – Cover against the loss of revenue e.g. FIT payment following damage to the wind turbine.
- Public Liability Insurance – Protection against damage to third party property or injury to third parties
- Environmental Impairment Liability
- Employers Liability
- Directors & Officers
- On the back of our All Risks policies we can offer Chancel and Title protection.
- Legal Expenses
Considerations for Wind Turbine Insurance / Wind Farm Insurance
New Designs/Larger Turbines
As the wind energy sector develops so too does the complexity of the designs and size of the wind turbines themselves. In the event of breakdown or damage to the wind turbine there are increasing concerns to insurance companies regarding the cost and speed of delivery of replacement parts due to the advances in technology and design.
Delivery of Equipment/Spare Parts
With many of the wind turbine sites being located in rural/remote areas insurance companies have experienced inflated claims payments due to the length of time of delivery of replacement parts in the event of a claim arising.
The replacement parts can be severely delayed in arriving to the wind turbine site due to planning considerations for road closures in order to get the equipment through small/rural villages, the availability of specialist vehicles in transporting the equipment has also led to significant delays of parts reaching the wind turbine site. These problems can be heightened in winter months where some of the wind farms will not be accessible by road.
Theft and Damage to Equipment
During the construction/erection phase of the of the wind farms insurance companies have experience theft and malicious damage to turbines and other parts. The parts are often left unattended with very little forms of security for long periods during construction.
Lack of Qualified/Experience Maintenance Workers
There would appear to be a lack of qualified/experienced workers who are able to maintain/repair wind turbine equipment. The lack of required skills has resulted in issues for insurance companies who are covering the operational risks of the plant.
Increasing Demand of Financial Institutions
With many wind farms being backed by financial institutions who are ultimately looking for good financial returns on their investment comes with it additional pressures on both the construction and operation of the wind farm.
Insurance companies have seen wind turbines not maintained adequately or regular enough due to the fact any downtime in the equipment subsequently leads to a reduction in return for the investors. Similarly insurance companies have witnessed wind farms installed under very tight time deadlines which have led to badly installed turbines and injury to employees.
Insurance companies have witnessed large delays in resourcing replacement parts particularly the larger parts such as the turbines themselves with manufacturers only making to order with many bottlenecks in the manufacturing process along the way.