General insurance firm ACE European Group has launched ACE Renewable Energy, an innovative insurance offering for UK renewable energy producers and providers in a single policy.
According to ACE, its renewable energy solution provides comprehensive cover across a broad scope of renewable energy risks. Alongside more established areas such as wind power, cover is provided for complex risks including the production of biofuels and the conversion of waste to energy.
ACE said that it will focus on an early, risk-management-driven involvement in the development of renewable 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.
The cover includes construction/erection all risks, third-party liability, industrial all risks and contractors and premises pollution. These will all be written on a local basis through ACE’s network of UK regional centers, the company said.
Alistair Macintyre, UK product development manager for ACE, said: We have used our 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.
This is a complex market and many covers have been limited to particular types of renewable energy production, such as wind power. When you consider that approximately 50% 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, Mr Macintyre concluded.