Allianz UK has enhanced its renewable energy proposition and introduced simplified operational wording for customers with multiple technologies at the same site.
The proposition covers onshore wind, ground-mounted solar and hydro, biomass, and anaerobic digestion, alongside battery energy storage systems and Slow Reserve (replacing legacy STOR) – technologies that help keep electricity supply and demand in balance.
Renewable Energy Select brings multiple renewable energy and grid-stabilization technologies at the same site under one operational policy. This reduces the need for separate operational wordings for each technology and makes it simpler for brokers to arrange cover as customers’ projects and portfolios develop.
The UK’s renewable energy market continues to grow, and with more than half of the UK’s electricity being from a renewable source, projects are becoming more complex as the UK works towards its Clean Power 2030 ambitions, with planned investment growth for clean energy industries set at over £30 billion a year until 2035, said Allianz, quoting two UK government reports.
Further details of the coverage include:
- Public and products liability cover is available up to £5 million,
- Employers’ liability cover is available up to £10 million,
- Alterations, additions, and improvements cover is available up to £1 million per period of insurance,
- Temporary removal cover is available up to £100,000,
- Removal of debris and professional fees cover is available up to £50,000,
- Commercial legal expenses cover is available up to £100,000 for any one event.
“The UK’s transition to renewable energy brings significant opportunities, but the risks are changing too. Different technologies carry different risks during construction, and operation, including disruption to the business,” commented Karen Boothroyd, head of Construction, Engineering and Energy, UK Markets, Allianz UK, in a statement.
“Connections between equipment, supply chains and grid infrastructure also mean problems in one area can have wider consequences,” Boothroyd added.
“Our aim is to make it easier for brokers to arrange cover as their customers’ projects develop. By bringing together insurance, engineering inspection expertise and practical risk prevention support we can help owners and operators understand those risks, prevent losses, and keep their assets operating reliably.”
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