Chubb launches insurance package for UK and Ireland AD and solar projects
Chubb, the world’s largest publicly traded property and casualty insurer, has launched a new insurance proposition for biogas and solar plants, projects, or facilities in the UK and Ireland.
Biogas and solar are playing an increasing role in the UK's energy mix with 200 biogas plants in operation across the country.
In early July, for the first time ever, solar plants produced almost 24% of the UK's electricity demand – more than coal-fired plants.
Both sectors are attracting significant amounts of investment and are expected to develop greatly over the coming years as the UK seeks to decarbonise its economy.
Helen Troman, head of cleantech for Chubb said both the biogas and solar sectors hold “huge promis” in the UK and globally and have the potential to change energy production and consumption in “a fundamental way”.
“To do that, the sector needs the confidence that only tailored, comprehensive insurance cover can provide. This is nothing less than our clients demand and deserve,” Troman said.
The new Biogas and Solar package provides cover for all risks during the construction phase of anaerobic digestion (AD) and photovoltaic solar facilities in the UK and Ireland with more than £1 million (€1.2m) of project/total insured value, as well as first year operational cover with an option for two years' cover.
The insurance package provides among others, seamless first year operational All Risks cover, delay in start-up/advance delay in-start up and primary third party liability coverage, excess casualty during the construction phase, and environmental cover for new and/or historical pollution risks.