Our renewable energy clients are predominantly Utilities or Independent Power Producers (IPPs), specifically in the Onshore Wind, Solar and Biomass industries providing coverage during construction and operational stages of renewable energy projects. We work with a range of clients, from domestic operators to large multinationals, writing a global book with a focus on the developing territories and markets. Our renewables team has extensive experience and knowledge of business in Europe, Latin America and the MENA region.
Barents Re Renewables Offering
Our core product offerings, with extensive capacity for multiple phases of project operations includes:
• Construction All Risk
• Operational All Risk
• Property Physical Damage
• Machinery Breakdown
• Business Interruption
• Contingent Business Interruption
• All Other Perils (AOP) including fire
The renewable energy industry is constantly evolving, with new technologies, new local markets and innovation amongst the service sector occurring year on year. Our team of renewable energy specialists understands the risks faced by those working in this exciting sector meaning we provide risk transfer solutions that give clarity and peace of mind for all parties involved.
Construction All Risks
We provide physical damage during the construction phase including mechanical & electrical breakdown during commissioning and testing phase.
Operational All Risks
During the operational phase we aim to cover all plant and machinery associated in the generation of renewable energy.
For wind project operators, cover can be provided for the turbines, associated control rooms, storage facilities and Balance of Plant including the main project substation. For PV Solar operators, we provide cover the for the PV Panels, inverters, transformers, and associated equipment including balance of plant.
Cover can be extended to include Business Interruption for lost revenue following a forced outage resulting from sudden and unforeseen damage provided under the material damage section of the policy.
Our underwriters undertake detailed risk and exposure analysis of all risks to ensure both performance and profitability targets are met. This includes reviewing risk management practices and procedures of our clients, as well as their critical spares holding and lead times.