Renewable Energy Insurance for Wind Turbines, Photovoltaic Panels, Solar Panels, Anaerobic Digesters, Hydro-electric Schemes, Bio-mass Generators

Introduction

The sudden and unexpected cost of damage from the breakdown or damage to wind turbines, photovoltaic panels and all renewable energy plant or machinery is often an additional expense PLCs, farms and SMEs can ill afford. Insurance of wind turbines whether single installations, micro wind or wind farms, insurance of photovoltaic panels, anaerobic digesters, hydro electric schemes and bio-fuel generators is our area of expertise.

To protect firms against the unexpected claim, CNC Asset manage and promote a number of renewable energy insurance policies that includes protection for businesses in the following phases:

We understand renewable energy insurance and its asset finance perspectives. We cover:

• On shore large scale wind farms to single wind turbines
• Solar and Photovoltaic panels of any scale
• Anaerobic digesters
• Hydro electric
• Bio-fuel heat and power generators

It is vital that your investment is comprehensively protected, without paying for the same insurance twice, and that your own risk management procedures and management responsibilities are explained to your insurer.

CNC Asset can source finance through its group company, CNC Asset Finance, both for project finance and asset finance. See: www.cncassetfinance.co.uk.

Here at CNC Asset, we have quite exceptional understanding of the plant and machinery itself and of the seen and unseen damage that can occur to it.

You will receive the same benefits whether the machine is new or old.

Benefits and exclusions for wind energy plant and machinery insurance during the operational phase

Accidental Damage

If your machinery breaks due to most natural perils or accidental damage or is stolen, the insurance will pay for the work to repair or to replace the machine including professional fees.

Breakdown caused by electrical or mechanical failure

If your machinery breaks due to electrical or mechanical breakdown, the policy will pay for the repair to the machine. Examples are breakdown of bearings, failure of PCBs, gearboxes, moveable mirror trackers and electric motors.

Business Interruption

If your machine is damaged, the insurance policy pays for the loss of your revenue from Feed in Tariff payments under the Business Interruption section. This is optional under some policies. You can claim for the cost of professional fees to determine the quantum of loss to your business.

How long can we provide electrical or mechanical protection for?

Up to 12 months for the more traditional policy. Up to 5 years for some renewable energy plant and machinery dependant upon the cover required.

What is the limit of protection

We will pay up to the amount declared in the schedule. For new machinery or equipment this is the invoice value. If you take out the insurance on a used machine when you buy it, the amount declared is the value you paid for the machine. In the event you want to renew the insurance, the value for insurance purposes is normally the replacement value in the annual policies and the current market value in the multi year policy.

In the case of any complex installations for example for wind turbines and hydro-electric, this can include the cost of towers, nacelles and blades, substations, transformers, switchgear, panels & circuit breakers, computer monitoring systems, operational buildings, transmission & distribution lines, cabling, grid connections and miscellaneous electrical equipment.

The value always includes any additional items which form an integral part of the equipment.

There is no limit to the number of payments that can be made save that the total amount that can be recovered under the policy cannot under any circumstances exceed the value of the equipment shown in the insurance document’s schedule.

What the insurance pays for

If your machine breaks down or is damaged, we pay for the costs to put it back in working order. This means the costs of labour, parts and reasonable costs of travel, including any overnight stay required spent on your behalf by your repair agent to repair your machine. The policy pays for the expediting costs to ship parts from overseas if this is the only way to repair your machine. The policy pays for the costs of dismantling and re-erection less the value of any salvage parts. The insurer may decide to repair damaged parts rather than replace them.

In the event of a total loss

If the Machinery was new when the insurance began, in the event of a total loss, Insurers pay the new replacement value of the machine including the cost of dismantling less the value of salvaged parts.

In longer term policies and if the Machinery was not new when the insurance began, in the event of a total loss, Insurers may pay the market value at the time of the loss and the cost of dismantling less the value of salvaged parts.

Choice of repairer

You may choose the repairer you use, provided they are a recognised repairer and qualified to repair your machinery. Or, you may ask us to provide a repairer from our panel.

No bills to pay

With certain insurance products CNC provide, the insurance is often available without an excess in which case there are no bills to pay. When an excess is included the normal level is £250 for smaller renewable energy installations rising to the £000’s for larger renewable energy installations.

What's not included?

Any electrical or mechanical breakdowns:

• during the manufacturers warranty period.
• for a period of 60 days from the date the insurance begins if the insurance purchased is not an extension of an existing insurance or is for a used machine.

Any damage you cause to the machine by continuing to use it when it is broken.

Any damage or breakdown caused by a poor working environment.

Electrical and mechanical breakdowns if your equipment has not been regularly serviced or maintained.

Business Interruption claims for a waiting period normally, the first ten days.

Examples of Claims

Breakdown of wind turbine gear boxes, transformers and inverters, accidental damage including theft of any part of the photovoltaic panels...