LONDON, July 22, 2021 /PRNewswire/ -- Chubb has today announced the recent launch of an insurance solution for offshore wind farms.
Chubb's Offshore Wind Farm policy has been developed to support green energy providers through the entire offshore wind farm process – from project inception through to energy production, storage and distribution.
The policy offers Construction All Risks, Delay in Start-Up and Operation All Risks cover, in addition to business interruption, third-party liability and terrorism. It has been developed by the Energy team at Chubb Global Markets (CGM), which comprises Chubb's London Market wholesale and specialty business.
The development of renewable offshore wind energy has become a key aspect of the green energy strategy of many countries around the world. This year global offshore wind capacity additions are expected to increase 60% to more than 10 GW, according to the International Energy Agency's Renewable Energy Market Update 2021. Countries involved in offshore wind production include the UK, US, Netherlands, France, Germany, Denmark, Poland and Ireland.
Melanie Markwick-Day, Head of Upstream Energy and Offshore Renewables, Chubb Global Markets, said: "This new product line will help us provide underwriting solutions for clients evolving towards more green technology, in addition to those who may have been operating in this space for some time. With the underwriting talent we have in the team, together with our first-class risk engineering capabilities and renowned claims service, Chubb is well placed to drive sustainability in this market with a long-term view of supporting our clients through the energy transition."
Andrew Brown, Head of Energy, Chubb Global Markets said: "In the context of decarbonisation, a supportive regulatory framework, low interest rates and lenders more confident with associated risks, we will be providing valued support to green energy producers by offering certainty of cover from when they start the project planning phase to when their offshore wind farms become fully operational and beyond."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.