Operational All Risks Insurance
Carefree Investing in Renewable Energy Projects!
With an Operational All Risks Insurance, you can protect your renewable energy project against unexpected damages due to extreme weather, fire, theft, and mechanical defects, including production loss.
Request a quote today and invest in your renewable energy project with peace of mind.
What is an Operational All Risks Insurance?
An Operational All Risks Insurance (OAR) provides comprehensive coverage for renewable energy projects, protecting them from material damage and losses during operation. It safeguards against external risks such as fire, vandalism, theft, natural disasters, operational errors, and damage due to mechanical defects.
In addition to material damage, OAR also covers production loss caused by insured events, compensating for lost revenue due to operational downtime. Typically, the payout period ranges from 6 to 12 months, ensuring financial stability while repairs or replacements are carried out.
What is Covered by the Operational All Risks Insurance?
Material Damage
Protection against external damages resulting from, among other natural disasters, fire, vandalism, theft, and mechanical defects. Includes consequential costs such as labour and transport costs.
Production Loss
Compensation for loss of income due to business interruption caused by an insured damage or loss. The payout period is usually 6 or 12 months.
Required Information for Operational All Risks Insurance?
Below is a summary of the essential information usually require for risk underwriting:
- Detailed system designs and specifications.
- Information about the configuration and capacity of the system.
- The key components of the system.
- Brand, type, and technical specifications of the components used.
- Exact location and environmental conditions
- Details of location-related risks.
- Product and other legally required certifications.
- Maintenance plan and safety protocols.
- Investment value (CAPEX).
- Factory and other warranties or guarantees.
- Expected power output, including calculations.
- Monitoring and reporting methods.
- Liability limitations.
- Overview of damage history.
- Information on existing insurance policies and coverages.
- Details of security systems against theft and vandalism.
- Details of safety measures.
- Procedures for emergencies and malfunctions.
Why Choose Operational All Risks Insurance?
Unexpected events can severely impact your renewable energy system, resulting to expensive repairs, equipment replacements, and significant revenue loss.
Our Operational All Risks Insurance provides broad coverage against a wide range of risks, ensuring financial security and minimizing downtime.
With this protection, you can focus on maximizing performance and long-term profitability without the uncertainty of unforeseen damages.
Important Considerations
- Exclusions
Intentional acts, gross negligence, or regulatory non-compliance are not covered.
- Standards and Regulations
- Comply with market standard
- Consider fire detection, delivery, and emergency plan requirements.
Secure Your Renewable Energy System During Construction!
It’s crucial to properly insure your renewable energy project, not just during operation, but also during the construction phase.
With a Construction All Risks Insurance, you’re protected against unexpected risks such as damage from fire, theft, and natural disasters during construction.
This helps you avoid additional costs and ensures your project progresses as planned.
Start the Conversation with Solarif!
Protect your investment and ensure the continuity of your renewable project with an Operational All Risks Insurance.
