ACE Europe Launches Renewable Energy Coverage

The ACE European Group announced the launch of “ACE Renewable Energy,” a new program which it described as “an innovative insurance solution for UK renewable energy producers and providers in a single policy.”

The policy “provides comprehensive cover across a broad scope of renewable energy risks,” said ACE. These include both established areas, such as wind power, and more complex risks, including waste to energy, waste management and the production of biofuels.”

Part of the coverage focuses on early risk management. ACE said it would get involved in the “development of facilities in order to assist the development and growth of renewable energy businesses. Both during and after the construction phase, ACE will provide specialist underwriting and risk management advice across the range of potential exposures including perils associated with contractors, suppliers, fire, transportation and operation.”

Cover, including construction/erection all risks, third party liability, industrial all risks and contractors and premises pollution, will be written on a local basis through ACE’s network of UK regional centers.

Alistair Macintyre, UK Product Development Manager, noted that ACE has drawn on its “underwriting and claims experience in this sector to develop a unique range of covers to insure the varied and emerging risks faced by this industry. ACE Renewable Energy is a solution for providers which responds to the increased relevance and importance of alternative energy and power sources.”

He described the market as “complex,” indicating that coverage has often “been limited to particular types of renewable energy production, such as wind power. When you consider that approximately 50 percent of renewable energy electricity capacity comes from methods such as landfill gas, waste and biofuel generation, the need for more relevant insurance cover is clear.”

Topics Europe Energy New Markets