Renewable Energy Insurance
Last year, renewable energy production in the UK rose to its highest-ever levels. To date, in 2019, it is responsible for almost 40% of all energy production. Large-scale operations such as off-shore wind farms generate much of this energy. However, more and more smaller producers are playing their part in producing renewable energy. All of these require renewable energy insurance.
Farmers and landowners, for example, have begun building wind turbines on their land, while businesses are adding solar panels to their properties. At the same time, specialist companies are setting up focused on areas such as Anaerobic Digestion or Hydroelectric power. While this is all a positive for the planet, it can lead to problems for the companies involved if they don’t have the right insurance.
Types of Renewable Energy Insurance
There are different types of renewable energy, however, all of which need a different type of insurance. These include:
- Anaerobic digestion
- Micro Hydroelectric
- Solar and PV
- Wind turbines and wind farms.
Different insurance will probably be needed depending on whether the business is in the process or starting up or fully operational.
Renewable Energy Insurance Coverage
In each instance, renewable energy insurance should cover:
- Employers liability for if staff are injured at work
- Public liability for if visitors or other members of the public are injured on-site
- Professional indemnity for any negligence claims
- Poor quality work (from contractors)
- Delays in start-up
- Legal expenses to respond to claims or place claims due to workmanship or delays
- Damage, including fire and theft
- Loss of revenue
- Environmental impairment
Buying renewable energy insurance
Because of the complexities, anyone considering getting involved in renewable energy should speak to an industry professional such as Just Quote Me to ensure they are fully protected. Contact them today on 0800 084 2325 for a free, no-obligation, renewable energy insurance quote.
Most renewable energy businesses are rural or a diversification of an original business such as a farm. This can mean you believe you are already adequately insured. However, the renewable energy sector has its own risks and therefore, many insurance providers now offer unique renewable energy insurance for your business in this area.
Renewable energy insurance premiums are tailormade and can cover a wide range of different types of energy and premises. Specialist property insurance is often a requirement. You will find insurance covers possible for many different structures and types of renewable energy including:
- Biomass and wood chip boiler systems
- Onshore and offshore wind turnbines
- Wave and tidal marine systems
- Hydroelectric plants and systems
- Hydrogen fuel cell developments
- Biogas and anaerobic digestion
- Solar energy plants and developments
These are among the most common kinds of renewable energy development which require insurance, but this list is not exhaustive. The renewable energy sector is growing rapidly. Therefore, being fully prepared and covered is key to ensuring business growth in the future, even if accidents and problem occur along the way.
What Does Renewable Energy Insurance cover?
Renewable energy insurance is highly varied due to the different types of energy and the structures involved. The insurance can be in place from before building begins and can incorporate many of the following:
- Construction and/or erection all risks cover
- Advanced loss of profits cover
- Delay in start-up cover
- Operational all risk cover
- Machinery breakdown cover
- Business interruption cover
You may also find renewable energy insurance cover which incorporates more typical business insurances needed by all companies. For example, it may be possible to build in public liability and employers’ liability insurance to a larger renewable energy insurance premium, dependent on the insurer.
Renewable Energy Insurance with Just Quote Me
Just Quote Me work with many progressive businesses in the renewable energy sector. Whatever types of energy you are producing we can help organise the right insurance cover. Contact us today to discuss your individual business needs.