LONDON, July 20, 2016 /PRNewswire/ -- Chubb today announced the launch of Biogas and Solar package, its new insurance proposition for biogas and solar plants, projects or facilities in the UK and Ireland as it continues to expand its cleantech offering.
Biogas and solar are playing an increasing role in the UK's energy mix. As of June 2016, 200 biogas plants were in operation across the UK1. On 3 July, for the first time ever, solar plants produced almost 24% of the UK's electricity demand-more than coal-fired plants2. Both sectors are attracting significant amounts of investment and are expected to develop significantly over the coming years, as the UK seeks to decarbonise its economy.
The new Biogas and Solar package provides cover for all risks during the construction phase of Anaerobic Digestion (AD) and photovoltaic solar facilities in the UK and Ireland with more than £1 million of project/total insured value, as well as first year operational cover with an option for two years' cover. Clients can also benefit from Chubb's tailored risk management services with the company's risk engineers able to provide technical, risk engineering and risk management advice. Key benefits of the new product include:
Seamless first year operational All Risks cover, including machinery breakdown, and business interruption or loss of profits.
Delay in start-up / advance delay in-start up and primary third party liability coverage.
Excess casualty during the construction phase.
Bespoke primary liability cover in respect of the operational phase of the project.
Environmental cover for new and/or historical pollution risks, including biodiversity damage and odour claims, as well as:
First-party business interruption coverage upon completion and operation of the facility.
First-party replacement costs coverage to include green betterments.
Transportation liability as standard for materials transported during the construction phase.
Crisis containment management costs.
Helen Troman, Head of Cleantech for Chubb in Europe, Eurasia and Africa and Latin America, said:
"The biogas and solar sectors hold huge promise in the UK and globally and have the potential to change the way we produce and consume energy in a fundamental way. To do that, the sector needs the confidence that only tailored, comprehensive insurance cover can provide. Chubb, with its long experience in construction and engineering is well placed to cover the needs of the cleantech sector with propositions that combine market-leading cover with added-value risk engineering and loss control service. This is nothing less than our clients demand and deserve."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com.