Insurance For Wind Farms
Wind farm enterprise is gearing up to fill the much anticipated gap being created by soaring oil prices and the global controversy relating to the concept of 'peak oil'.
The very nature of the energy issues involve huge amounts of high value capital, which when coupled with an immature political and economic environment surrounding wind farms, as well as long planning, erection, testing and operational processes, can harbor unprecedented levels of risk.
With global oil resources in decline and the impact of fossil fuels on global warming, governments across the world are increasingly looking to secure national energy independence, while striving to meet stringent carbon reduction targets arising primarily from the Kyoto Protocol. Sustainable sources of energy, including wind farms, are being embraced as viable mainstream alternatives, and their development has been accelerated in the UK, offshore and overseas.
Wind farms have specific insurance needs and this has often required several insurers and brokers to cover the various erection, testing and operational elements. An added issue is that the insurance arrangements for wind farms must dovetail with those of any contractors involved.
As such, there is a danger of gaps in cover resulting, where risks fail to be covered by any policy. In addition, smaller wind farms have typically found that the insurance market is geared up for larger firms and their needs have not always been addressed appropriately.
Working with several clients, Oval has developed a bespoke solution that meets the needs of wind farm operators of all sizes throughout the process, from planning to operation.
The solution combines sector knowledgeable insurance professionals within Oval's marine and general insurance departments and this enables the Oval team to ensure that gaps in cover are minimized and, where possible, completely avoided.
