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.
- 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
- Cover varies dependant on requirement but normally includes:
- Debt servicing and Loss of fixed costs
- Increase in cost of working
- 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)
- Loss of or damage to the works caused by Testing and Commissioning, (Note the extent cover provided can vary)
- Cover for equipment and goods for transit to Iraq by Marine/Air or Overland and then from Port/Airport/Border to final destination
- Where a project consists of ‘blocks’ or separate phases our policy can be arranged to provide cover on a phased handover basis
- 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
- For completed sites we can provide cover for
- Property Damage
- Machinery breakdown
- Business Interruption
- 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
- £250m Total Insured Value (TIV) / £75m Estimated Maximum Loss (EML)
- £250m TIV / £75m Estimated Maximum Loss (EML)
- Dependant on maximum value of equipment any one consignment / conveyance up to USD20m is the usual maximum g=however higher limits can be considered
use of captives
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.
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
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.