RiskPoint Group’s Renewable Energy team has partnered with Munich Re’s Greentech Solutions Team to enhance coverage for offshore wind contractors, manufacturers, and suppliers.
This partnership will bring together the global distribution and technical proficiency of RiskPoint with Munich Re’s financial strength, due diligence capabilities, and product design expertise, resulting in a powerful partnership that promises to benefit the entire industry, the company said.
“On behalf of RiskPoint Group I’m very honoured to welcome Munich Re as a business partner. The Renewable Energy sector is fast growing, presenting many opportunities and challenges for all stakeholders involved, calling for smart minds coming together to offer unique value propositions. We are excited to be part of driving the energy transition in collaboration with Munich Re,” Kenneth Nielsen, CEO of RiskPoint Group said.
The renewable energy sector faces challenges due to technical and weather-related issues, along with high costs. To mitigate the risk of financial loss from warranty obligations, an Energy Performance Certificate (EPC) cover has been introduced for contractors, subcontractors, and suppliers in the industry.
This cover provides protection for up to five years for faulty construction, material, production, or workmanship, the company noted.
“The EPC product is a unique cover which we are delighted to add to our Renewable Energy proposition. It will provide customers with the confidence to grow their business and take on more projects by mitigating potential stress on their balance sheet – thereby supporting the acceleration of the ongoing energy transition,” RiskPoint Global Head of Offshore Wind Renewable Energy, Igor Silence said.
“Our EPC cover provides a risk transfer solution for contractual warranties for EPC Contractor’s and suppliers during the warranty period. By launching this innovative product, the partners RiskPoint and Munich Re thus close a gap in insurance,” Munich Re Product Lead Wind, Green Tech Solutions, Thomas Börtzler elaborated.