Renewable Energy

Renewable energy sector

We Can Provide The Following Cover

Whilst relatively new to Iraq there is interest being shown in Solar Energy projects building which have been implemented with success in other parts of the MENA region.  We work with specialist re- insurers who understand the risks involved in this sector and can therefore provide appropriate cover for the risk, please read on to see the details of what we can provide.

Construction/Erection All Risks*
  • Contract Total
  • Contract Works
  • Free Issue Material
  • Contractors ~Plant and Machinery / Specified Construction equipment
  • Debris removal

 

*Click here for an explanation of the difference between Construction All Risks & Erection All Risks 

Delay in start-up
  • Cover varies dependant on requirement but normally includes:
    • Debt servicing and Loss of fixed costs
    • Increase in cost of working
Advance loss of profits*
  • Loss of Profit due to Insured event delaying completion of works (Note this cover can be very restricted due to territory and reinsurance capacity restrictions)
Testing and commissioning
  • Loss of or damage to the works caused by Testing and Commissioning, (Note the extent cover provided can vary)
Marine cargo inc Inland Transit
  • Cover for equipment and goods for transit to Iraq by Marine/Air or Overland and then from Port/Airport/Border to final destination
Phased handovers
  • Where a project consists of ‘blocks’ or separate phases our policy can be arranged to provide cover on a phased handover basis
Interim operations
  • We can consider providing cover for projects where due to phased handovers the site can be partially operational and also still in construction we can pick up the interim operational risk until full handover takes place
Operational all risks
  • For completed sites we can provide cover for
    • Property Damage
    • Machinery breakdown
    • Business Interruption
Third Party Liability (Construction and Operational)
  • Legal Liability to Third Parties under law / contract to pay compensation under a Primary or Excess basis up to the Limit of Indemnity in the Policy

Limits Available

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Standard Limits and Sub limits currently available for the Renewable Energy Package are as follows: Construction / Erection All Risk

  • £250m Total Insured Value (TIV) / £75m Estimated Maximum Loss (EML)
Operation All Risk –
  • £250m TIV / £75m Estimated Maximum Loss (EML)
Third Party Liability – £25m Limits for the Marine and Transit section
  • Dependant on maximum value of equipment any one consignment / conveyance up to USD20m is the usual maximum g=however higher limits can be considered

All the above can be increased further with additional reinsurance support

use of captives

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Almaseer are used to captives participating in Energy Programmes and will discuss a clients / potential clients captive utilisation in their programme based on the clients own unique needs.

information required

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Whilst relatively new to Iraq the cover this type of insurance cover is well developed with Europe, the USA, china/Far East and Australia and nearer to home there have been substantial projects which have been completed in the Gulf region (especially Saudi Arabia) so information requirements especially for the reinsurance markets we utilise is key to obtaining the best pricing and capacity.

As a bare minimum to indicate pricing we require a proposal form to be completed and the following additional information:

  • As well as the usual company Name and address we will require Directors and shareholders details (required for domestic and international Sanctions and Money Laundering checks)
  • A copy of the full contract wherever possible, if not available at this time then as much detail as can be provided about the contract including:
    • Statement of work
    • Project Plan or Gantt chart
    • Project financials
    • Insurance coverage required
    • Details of Principal and lenders if you are not the Principal
    • Financial Information relating to the contract

All the above will be required by both us and our reinsurers however we may request more information to be supplied before we are able to indicate pricing or the extent of cover we can provide.

For a binding quotation all additional documentation requested in the proposal will need to be supplied unless otherwise agreed to be omitted by us.

Note One key piece of information at the outset that has to be provided is that it will need to be confirmed that solar Panel design qualification and type approval is in accordance with recognised European or international standards  (e.g. IEC 61215 (Crystalline silicon PV) and IEC 61646 (Thin-film PV).

Without this confirmation we will be unable to assist in providing an indication or quotation

Please contact us to discuss your requirements whereupon we will be able to assist you with the documentation required.