Improving process and efficiency of energy delivery and storage involves innovative and disruptive technology and social change,particularly against a background of volatile oil pricing and seesaw fiscal incentives.
For those involved in generating energy whether wind, hydro, solar or biogas, the insurance path is relatively well travelled and inexpensive.Exposures broadly fall into two distinct blocks: first is the construction phase with special risk factors around electrical and mechanical failure on commissioning and attendant start-up revenue delays; the second is protecting revenue during operational phases.
The “less travelled path” is around the internet of things, smart grid, storage, metering, carbon cleaning, electric vehicles, and the myriad of consultancy offerings all essential to effective energy delivery. Here the risk is often contractual with industry or professional with a very wide duty of care.
To truly transform our economy, protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy.
Innovation in partnership with a leading insurer, have already devised fresh policies for the sector looking at the latest scientific developments and their applications.
“THE HIDDEN CHALLENGE, What Lies Beneath Cleantech’s Global Plans” read this excellent report from Cleantech Group and Chubb Insurance.
Innovation are active members of the Renewable Energy Association.