What is offshore power insurance?
Offshore power insurance provides coverage for the risks associated with constructing, operating and maintaining offshore power installations, such as wind farms and tidal energy projects.
It typically includes protection against physical damage, business interruption, liability and environmental risks.
Why YOU need offshore power insurance!
Offshore power operations face unique risks, including harsh weather conditions mechanical failures and environmental hazards, making comprehensive offshore power insurance essential.
Offshore power insurance protects businesses from financial losses due to equipment damage, business interruption, liability claims and environmental impacts.
1. Medical and Emergency Travel Expenses, Rescue and Assistance
2. Legal Expenses – up to £50,000 to pursue compensation claims against third parties who have caused the insured injury
3. Personal Liability – up to £5 million settlement of costs or damages if the insured is sued for causing injury or damage
4. Personal Property – as selected
5. Cancellation, Curtailment, Travel Disruption, Replacement & Travel Delay
6. Vehicle Rental Cover – up to £1,000
Our standard offshore policy cover includes:
Property
Control of Well
Business Interruption & Liability
With tailored coverage, your offshore power company can ensure compliance with regulations, safeguard its assets and maintain operational stability.
Offshore liability insurance covers the liabilities of administrators of seaward designs or project workers dealing with them, including liabilities emerging from contamination episodes. The offshore design may comprise a business foundation for the motivations behind hazard area. The danger area is the region in which the protected’s business foundation is found.
Oil and gas investigation and creation, including cost of well control and actual harm to seaward stages, pipelines and versatile boring units. Our upstream team are ready to give construction protection to most parts of the seaward oil and gas industry.
Oil refining, gas handling including LNG creation, petrochemical creation, hydrocarbon transportation and capacity, weighty synthetic substances and drug fabricating.
Renewable and conventional power generation, including transmission and dispersion.
Surface and underground digging tasks for metals, minerals and other normal wares.
Assembling of mash and paper items and liquid metals.
Operational and development liabilities for the upstream, downstream, mining and power generation (counting renewable energy) lines of business.
Frequently Asked Questions
Offshore energy insurance provides coverage for the risks associated with constructing, operating and maintaining offshore power installations, such as wind farms and tidal energy projects. It typically includes protection against physical damage, business interruption, liability and environmental risks.
Downstream energy insurance covers risks associated with the processing, storage and distribution of energy products.
Energy casualty covers accidents, injury and property damage within the energy sector. It protects against financial losses from third-party claims.
Offshore wind is highly energy-efficient, due to stronger and more consistent winds at sea. It allows turbines to generate significant electricity with minimum environmental impact.
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Who to speak to?
Stuart Belbin
Stuart joined Ascend in October 2020, having previously worked at A Plan and WRS, where he developed his specialism in the commercial and charity sectors. At Ascend, Stuart leads the development of these sectors as a customer-facing account executive with experience in providing effective cost & risk management insurance solutions.
Bringing together the best of his national and independent broking experience, Stuart is able to provide Ascend clients, from medium privately-owned businesses to public limited companies, with leading market solutions across a wide range of industry sectors.
Senior Account Executive
M: 07736 956221 E: Stuart.Belbin@ascendbroking.co.uk
