Published: 17-Aug- 2011 | Product Category: Liability Insurance
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Following more than a year of global financial crisis and economic downturn, the U.S. renewable energy industry is poised to experience growth and expansion.
Renewable energy and energy efficiency investments in the U.S. are underpinned by a wide range of sub-national financial incentives. The production tax credit has often been considered as one of the main drivers of renewable power generation growth in the United States over the past decade.
Additional factors for growth include:
- the U.S. American Power Act;
- resilient venture capital investments; and
- The American Recovery and Reinvestment Act 22.
In recent years, the cost of energy technologies has decreased — and as a result, renewable energy technologies are competing more effectively with traditional sources of energy. Investments in renewable energy are essential to the continued development of clean sustainable power. Marsh’s Renewable Energy Practice is leading the way, supporting our clients on the road to success in this emerging industry.
Over the years, Marsh has become the preferred risk consultant of the renewable energy industry. Our portfolio includes over 15,000 megawatts of renewable energy generating capacity. We are proud that our clients include major renewable companies and newer emerging growth companies. Whether large or small, we recognize the unique needs of our clients and strive to develop a tailored risk mitigation program specific to their risks, as well as negotiate the best risk transfer terms and conditions available.
Renewable Energy Insurance Placement and Solutions
When constructing an insurance portfolio, energy companies must meticulously assess their risks and work with intermediaries and insurance carriers to identify areas of vulnerability and determine how much risk to retain and how much to transfer. Marsh is able to benchmark our clients’ results against their industry peers, helping to ensure results meet expectations. Our tailored programs are transparent and innovative.
With each project, we deploy advanced actuarial and analytical tools within the brokering process to leverage markets and ensure optimum risk financing, which includes:
Quality Submissions: High quality submissions are the key to successful marketing and enhance your firm’s desirability as a risk to underwriters. Our specifications address all of your coverage and service requirements.
Program Administration Services: As your broker we help manage the day-to-day operations of your program. Our professional standards help to ensure that essential administrative tasks are handled in a timely, consistent and efficient manner.
Program Monitoring: We take a proactive approach to monitoring the program so that coverage, funding and service issues can be identified and resolved quickly. By monitoring the performance of your program closely, we will take prompt corrective action as needed.
Claims within the renewable energy sector are inevitable. However, with careful advance planning, Marsh clients can be prepared to maximize their insurance recovery. Obtaining professional assistance in claims preparation is important— perhaps crucial—to the future of many organizations. Our team of over 300 claims professionals supports Marsh utility clients by providing claims advocacy services including directors and officers, property, marine, casualty, and workers’ compensation lines of coverage.
In situations with claims involving significant financial losses, a number our clients have engaged Marsh FACS (Forensic Accounting and Claims Services). Marsh FACS can be trusted to assist you in quantifying your losses and presenting your insurance claim. Our global Forensic Accounting and Claims Services Practice comprises forensic accountants, CAs/CPAs, certified fraud examiners, insurance claim measurement specialists, attorneys, engineers, and project managers’ who assist clients as they recover from catastrophic events, including significant business interruptions due to the complexities of large property loss claims.
Identifying the key events, issues, and trends that can impact the management of a renewable energy project is our first goal in helping clients understand the risks they take. Risk identification is followed by the development of a risk transfer program that will reflect our client’s goals and objectives and the contractual obligations our clients must meet. Marsh’s expert placement services include:
- project risk mapping governance review;
- new project design safety review and project risk assessment;
- contract risk review and insurance specification;
- project insurance implementation including dovetailing with operational coverage and pre-startup operational testing; and
- pre-start-up loss control review.