Chubb has announced that the company’s Chubb Climate+ global business unit has launched a packaged insurance solution in the UK that will support the growth of alternative and renewable energy projects, principally onshore wind and ground-mounted photovoltaic solar. The product, Climate+ Renewables, is designed for small to medium renewables projects and is planned to have a global rollout.
Climate+ Renewables, is the first new climate tech insurance solution from Chubb Climate+. It provides continuity of insurance across the construction and operational phases of alternative and renewable energy projects.
Matt Hardy, the Leader of Chubb Climate+ said, “We are delighted to launch Climate+ Renewables in the UK, where we see enormous potential for our product in this hugely exciting and dynamic sector. Chubb Climate+ was created to harness our underwriting and risk engineering capabilities on behalf of companies developing or employing new technologies and processes that support the transition to a low-carbon economy. We look forward to bringing this new solution to companies in additional markets across Europe and beyond.”
Small to medium renewables projects, of up to £50 million in contract value, will benefit from this protection. Climate+ Renewables is available in the UK through Chubb’s etrade facility, Ignite, offering a rapid quote and bind process, with instant documentation.
Jared Concannon, the Head of Climate Tech for Chubb Overseas General, said, “In the UK, a record amount of energy was generated from renewable sources in 2022 with 41% of all energy coming from wind, solar, biomass and hydro. Our new Climate+ Renewables product means Chubb is perfectly placed to support clients in the growing UK renewables market, offering a specifically designed insurance programme that keeps pace with the development of their projects.”
The insurance product will offer a broad scope of insurance coverage across both the construction and operational phases of projects. This will also include protection from the erection of all risks, delay in startup, marine cargo, marine delay in start-up, material damage, public and products liability, employer’s liability and environmental protection.
Climate+ Renewables is powered by a service-led model that will use insights from experts and specialist underwriters to support clients with tailored coverage while being backed by Chubb’s renowned claims management and risk engineering capabilities.
