Energy Insurance

Energy insurance policies are designed to cover energy specific exposures that are not well suited for coverage under traditional property and liability package policies.

The energy sector continues to be evolving and innovating industry within the global economy. As renewable energy sources come online, it is important for firms developing these technologies to have the proper insurance coverage to keep pace with their investments.

Energy policies are tailored to protect these investments by providing specialized coverages for both traditional and renewable energy sources.

Traditional Energy Insurance Programs

Traditional energy sources include oil and gas and continue to provide most of the world’s overall energy mix. Companies building and supplying these sources need a combination of specialized property, inland marine, general liability, and equipment breakdown coverage to combat the unique risks presented by their daily operations. Property and inland marine policies can cover damage to rigs, drilling equipment, storage tanks, and buildings. General liability coverage can protect against bodily injury, property damage, advertising injury, and certain pollution related costs. Equipment breakdown can cover expenses tied to sudden and accidental breakdown of power generating equipment.

Renewable Energy Insurance Programs

Renewable energy sources include wind, solar, and large-scale batteries. These types of power generation are a growing share of the world’s energy mix. Insurance carriers offer energy policies to cover property, inland marine, and general liability exposures tied to these technologies. This can also include builders’ risk coverage for projects that are in development or under construction. It can also include equipment breakdown coverage to protect against damage to existing equipment.

Who Needs Energy Insurance Policies?

These coverages are key for investors, developers, owners, and operators of commercial and utility-scale onshore and offshore energy projects. It can also be a solution for energy related installers, maintenance firms, service contractors, manufacturers, and distributors. Energy policies can also be used to cover power and utility companies who rely on these technologies to operate their businesses on a regional or national scale.

Insurance carriers who write energy specific policies also typically offer risk engineering services which can help provide valuable resources and risk management guidance to these customers.

Have any questions or want to discuss energy insurance coverage in more detail? Let’s chat!

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