Chubb has launched a new insurance proposition for biogas and solar plants, projects or facilities, in the UK and Ireland as it continues to expand its cleantech offering.
Biogas and solar are playing an increasing role in the UK’s energy mix and are attracting significant amounts of investment as the UK seeks to decarbonize its economy, the company said in a statement.
The new biogas and solar package provides cover for all risks during the construction phase of anaerobic digestion (AD) and solar photovoltaic facilities in the UK and Ireland with more than £1 million ($1.3 million) of project/total insured value, as well as first year operational cover with an option for two years’ cover.
Chubb said its risk engineers are able to provide tailored technical, risk engineering and risk management advice.
Key benefits of the new product include:
- Seamless first year operational all risks cover, including machinery breakdown, and business interruption or loss of profits.
- Delay in start-up / advance delay in start-up and primary third party liability coverage.
- Excess casualty during the construction phase.
- Tailor made primary liability cover for the operational phase of the project.
- Employers’ liability
- Environmental cover for new and/or historical pollution risks, including biodiversity damage and odor claims, as well as:
— First-party business interruption coverage when the facility is operational.
— First-party replacement costs coverage to include green betterments.
— Transportation liability as standard for materials transported during construction.
— Crisis containment management costs.
“The biogas and solar sectors hold huge promise in the UK and globally and have the potential to change the way we produce and consume energy in a fundamental way,” commented Helen Troman, head of Cleantech for Chubb in Europe, Eurasia and Africa and Latin America.
“To do that, the sector needs the confidence that only tailored, comprehensive insurance cover can provide,” she said, adding that Chubb has long experience in construction and engineering and is “well placed to cover the needs of the cleantech sector….”
Source: Chubb
Topics Construction Chubb
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