As rooftop solar installations age, operations and maintenance is increasingly important. Major offshore infrastructure is being treated much more leniently. Share share. Travelers' deep knowledge of renewable energy risks means we can deliver a full range of tailored coverage solutions for businesses across the renewables spectrum: Renewable energy sources and businesses that invest in, develop, operate and maintaining commercial and utility-scale operations include: Get the personal service and attention that an agent provides. More centralization of underwriting authority is contributing to pricing upswings. N/A. Losses in recent years may be declining but overall the picture is bracing: $6.5 billion in 2017, $4.2 billion in 2018 and over $3 billion projected for 2019. As we move further into 2019, achieving even these capacity levels is becoming increasingly challenging. Reinsurance pricing moves remorselessly upward — and insurers are retaining more risk. While your business is focused on supporting the future of energy and the environment, Travelers is focused on supporting your future — helping renewable energy companies succeed by meeting the specialized risk challenges of a rapidly growing industry. Downstream/Onshore Energy Insurance for the UK from Chubb offers bespoke solutions to meet any client needs. Buyers may still find it difficult to secure full market participation at competitive terms. Theoretical capacity is over $8 billion; realistic capacity is at $6.5 billion for operational risks. Moving a crane at a wind farm requires planning and following guidelines from engineers, manufacturers, and site supervisors. close Close the share menu; N/A. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. We are seeing increases of 2.5% to 10% for highly-regarded risks, but larger increases (+10 to +30%) for loss-impacted risks and North American E&P business. Put your trust in the team that knows energy insurance solutions. Special contingency risks: Kidnap and ransom (SCR). A number of insurers are reducing their offshore construction all-risks portfolio. Send us your receipts, photos, invoices and more with just a push of a button. North American E&P business is being particularly impacted by poor loss records. Our National Energy Construction practice consists of risk management and insurance professionals who specialize in energy and construction-related risks with an emphasis on pipeline contractors. We provide Onshore Property coverage on a stand-alone or blended programme basis, along with expert risk engineering services for companies in the oil, gas, petrochemical, mining and power generation industries. Recent losses in North Africa, the U.S. and the Middle East fuel the fire. Financial Services & Executive Protection, Operators’ extra expense/control of well/redrilling expenses, Business interruption/loss of production income, Marine liability – P&I and Charterers liability, Removal of wreck/removal of debris coverage, Offshore/onshore construction and decommissioning, Connect with EPIC Insurance Brokers & Consultants, Onshore and offshore exploration and production companies, Onshore and offshore drilling contractors, Onshore and offshore oil service companies, Refining, processing and marketing companies, Electric and gas utilities for regulated and non-regulated companies, Hydro, thermal, gas and diesel generators, ROV/AUV and other specialist subsea equipment operators. Whether your business operates in the retail or wholesale sector, our global-market access offers the customized products you need. Energy companies harness some of the world’s most important resources, helping to fuel economies and serve communities worldwide. Browse the industries we serve by specialty focus, Browse the products we serve by categories. Our sophisticated approach to risk helps clients free up capital. Travelers and The Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.© 2020 The Travelers Indemnity Company. Insurance Marketplace Realities 2019 Spring Update — Energy. With a variety of onshore and offshore energy backgrounds and expertise that includes exploration, production, downstream and power, we offer energy insurance solutions that are second to none. All rights reserved. Our specialist Energy teams provide comprehensive Onshore and Offshore Property and Casualty solutions. Without a proper contractor/vendor selection process and written contracts, companies may encounter unwanted liability. The sector is profitable but is being affected by negative results in related lines of business. The courses provide specialist energy risk and insurance training at beginner, intermediate, and advanced levels at various locations around the world, including London, Johannesburg, and Dubai. From difficult crane operations during construction to maintaining complex equipment that's continuously exposed to natural hazards, we bring the expertise and insight to protect your people, your property, your investment and your business wherever you operate across the globe. With a variety of onshore and offshore energy backgrounds and expertise that includes exploration, production, downstream and power, we offer energy insurance solutions that are second to none. More losses reported in the $100-$400 million range are hurting the direct market as it increases reinsurance program retentions — resulting in an accelerating hardening process. One Tower Square, Hartford, CT 06183 This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. Whether the technology is solar, wind, biofuel/biomass or fuel cells our team has the skill and experience to assist you. Predictive maintenance and IoT can help keep wind and solar installations operational, but preventive maintenance also remains important for the renewable energy industry. Buyers face a modestly hardening rating environment. All rights reserved. The conferences will provide market leading sessions and leadership around technical presentations that form the core of the agenda. Programs for some construction projects valued at over $5 billion will prove challenging to complete. Offshore wind production is ramping up in the U.S., but “first-in-country” developments bring new considerations for wind farm developers, investors and owners. Renewable Energy Insurance While your business is focused on supporting the future of energy and the environment, Travelers is focused on supporting your future — helping renewable energy companies succeed by meeting the specialized risk challenges of a rapidly growing industry. Double-digit rate increases are now standard: 30%+ for refining clients, more for loss impacted programs. Lloyd's (i.e., the corporation of Lloyd's) has been scrutinizing the profitability of individual syndicates and has refused to grant more capacity to syndicates writing downstream energy. Wind and solar installations are often in remote locations, requiring driving on the job. We know how companies can unlock potential through effective risk management. Navigating Your Business Through COVID-19, 6 Tips to Help Stop Distracted Driving at Solar & Wind Farms, Crane Safety Tips for Wind Farm Construction and Maintenance, Predictive Maintenance at Solar and Wind Installations to Reduce Risks and Downtime, 5 Opportunities for U.S. Offshore Wind Development, Operations & Maintenance Tips for Solar Energy Installations. Here are some key considerations. Favored business — buyers with good loss records loyal to leading insurers— can expect less severe increases. Help protect employees from the dangers of distracted driving. Copyright © 2020 Willis Towers Watson. This is the first year that capacity has fallen in the downstream market since 2002. We expect significant upwards rating trend for offshore construction, particularly for subsea exposures. ©2020 Edgewood Partners Insurance Center. Upstream capacity is still at record levels. November 13, 2019 More losses reported in the $100-$400 million range are hurting the direct market as it increases reinsurance program retentions — resulting in an accelerating hardening process. Resources to help you adapt to the realities of COVID-19. With the current reality of more employees working from home through the pandemic, is your business ready for all the implications?

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