ACE European Group (ACE) has today launched ACE Renewable Energy, an innovative insurance solution for UK renewable energy producers and providers in a single policy.
ACE Renewable Energy 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 waste to energy, waste management and the production of biofuels.
ACE will focus on an early, risk management driven, involvement in the development of 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.
Cover, including construction/erection all risks, third party liability, industrial all risks and contractors and premises pollution, will be written on a local basis through ACE’s network of UK regional centres.
Commenting on the launch, Alistair Macintyre, UK Product Development Manager, 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.”
ENDS
Notes to editors:
ACE Renewable Energy - covers available include:
- Construction/erection all risks
- Primary third party and excess third party construction liability
- Operational industrial all risks
- Marine cargo
- Operational liability
- Employers’ and public liability
- Industrial all risks
- Business interruption
- Contractors Pollution Liability
- Premises Pollution Liability
The UK Government’s 2007 Energy White Paper has set a target for renewable energy to grow as a proportion of electricity supply to 10% by 2010, with the aspiration for this to double by 2020. According to the recent PricewaterhouseCoopers’ 2007 Utilities Global Survey of 119 senior power or utility executives from around the world, renewable energy now heads the priority list of key areas for development identified by utility companies in all three major power markets (North America, Europe and Asia Pacific).