First new product tailored for small to medium businesses ahead of wider international roll out
LONDON, May 10, 2023 /PRNewswire/ -- Chubb today announced that the company's Chubb Climate+ global business unit has launched an innovative packaged insurance solution in the UK that will support the growth of alternative and renewable energy projects, principally onshore wind and ground-mounted photovoltaic solar. The product, Climate+ Renewables, is designed for small to medium renewables projects and will be rolled out in other countries.
Climate+ Renewables, the first new climate tech insurance solution from Chubb Climate+, provides continuity of insurance across the construction and operational phases of alternative and renewable energy projects. Small to medium renewables projects, up to £50 million in contract value, will benefit from tailored, seamless protection. Climate+ Renewables is available in the UK through Chubb's etrade facility, Ignite, offering a rapid quote and bind process, with instant documentation.
"We are delighted to launch Climate+ Renewables in the UK, where we see enormous potential for our product in this hugely exciting and dynamic sector," said Matt Hardy, Leader of Chubb Climate+ for the company's general insurance operations in 51 countries and territories outside the U.S., Canada and Bermuda. "Chubb Climate+ was created to harness our underwriting and risk engineering capabilities on behalf of companies developing or employing new technologies and processes that support the transition to a low-carbon economy. We look forward to bringing this new solution to companies in additional markets across Europe and beyond."
Jared Concannon, Head of Climate Tech for Chubb Overseas General, said: "In the UK, a record amount of energy was generated from renewable sources in 2022 with 41% of all energy coming from wind, solar, biomass and hydro. Our new Climate+ Renewables product means Chubb is perfectly placed to support clients in the growing UK renewables market, offering a specifically designed insurance programme that keeps pace with the development of their projects."
The innovative insurance product offers a broad scope of insurance coverages across both the construction and operational phases of projects, including: erection all risk, delay in startup, marine cargo, marine delay in start up, material damage, public and products liability, employer's liability and environmental protection.
As a Chubb ClimateTech Industry Practice product, Climate+ Renewables is powered by a service-led model that uses expert insights and specialist underwriters to support clients with tailored coverage, backed by Chubb's renowned claims management and risk engineering capabilities.
Drawing on Chubb's extensive technical capabilities in underwriting and risk engineering, Chubb Climate+ is enabling climate change progress around the world, both at an industry level and in local communities. Chubb Climate+ brings together business units engaged in traditional, alternative and renewable energy, Climate Tech, Agribusiness and Risk Engineering services.
You can learn more about Chubb Climate+ at http://www.chubb.com/climate
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 34,000 people worldwide. Additional information can be found at: www.chubb.com
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