Energy Generation Insurance

This sector includes businesses involved in the generation of energy from that portion of waste that cannot be prevented, revised or recycled and has both energy and waste policy benefits. Examples of businesses in this sector include manufacturers of equipment, design, construction, installation and management and operation of renewable energy facilities, including microgeneration.

The opportunities

  • Biomass energy market has an estimated turnover value of £4.4bn and is forecasted to grow to over £7bn by 2015
  • There are more than 2,500 businesses in the UK employing over 45,000 people in this sector
  • In the past, almost all residual waste in the UK – the waste left after recycling and composting – has been placed in landfills untreated. The European Landfill Directive means that the UK must now reduce the biodegradable waste (known as Biomass) being sent to landfill
  • Until recently, the main alternative to landfill considered in the UK has been mass-burn incineration. However, other options for dealing with residual waste have been developed and built, include Pyrolysis, Gasification and Anaerobic Digestion technologies

Key Covers Available

This is a diverse sector including manufacturing, construction, installation, management and operations of power generation plants and Aviva has the products to help all types of businesses engaged in this sector. Below is a list of key covers to consider for your customers in this sector.

  • Machinery Breakdown – electrical and or mechanical breakdown of the energy plant or any other equipment resulting in costly repairs or even replacement of the plants
  • Business Interruption – cover for periods of operational downtime as a result of an Insured peril, machinery breakdown and equipment failure
  • Property Damage – all risks cover to protect from any loss arising out of damage to the plant, machinery or equipment
  • Contract Works – protection against any loss arising from property damage caused during construction of the project. Also protects the value of labour and materials of the work in progress in the event that it is damaged by theft, vandalism, fire, storm, etc
  • Computer – cover for specialist computer equipment including laptops and portable media used off site. Reinstatement of Data cover should also be considered to protect from any loss of valuable data not easily replaceable
  • Employers’ Liability – provides cover against risk of accident from usual workplace risks – typically these will involve overhead cranes and heavy machinery, pressurised plant vehicles and activities such as maintenance. Accidents involving vehicles generally result in serious injuries and substantial claims
  • Public Liability – provides cover for any damage to persons who are not employees and third party property. Typical scenarios that might give rise to such risks include the delivery of waste to the premises by third party vehicles or maintenance being carried out by a contractor or service engineer
  • Products Liability – essential for any business that manufactures, distributes or sells plants and equipment. We can also offer Product Recall for businesses against the costs arising from a recall of any defective products that may cause imminent injury/damage
  • Professional Indemnity – essential cover for businesses in this sector due to the development of new technologies and processes which can lead to claims in case of negligent or wrong advice. A useful cover for professionals such as architects, consulting engineers, project managers and quantity surveyors who accept design liability as part of Design & Build contract terms
  • Directors and Officers Cover – a potentially important cover for this sector due to the use of new and emerging technologies, processes and equipment. Helps protect company directors and officers if accused of any ‘wrongful acts’
  • Marine Cover – a significant number of businesses are involved in the export and import of components, semi-finished goods, machinery and equipment throughout the world. Covers available include Marine Transit for any loss of goods and Marine Delay in Start up to protect from any consequential loss in revenue
  • Performance Bonds – guarantees that a project will be performed according to the terms and conditions. We can also offer Advance Payment Bonds required where the employer makes a payment to the contractor in advance of construction or the provision of services or supply of goods. Other bonding requirements such as Section 106 Bonds are also available

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