Its new policy has been developed to support green energy providers through the entire offshore wind farm process, reportedly from project inception through to energy production, storage and distribution.
The policy offers Construction All Risks, Delay in Start-Up and Operation All Risks cover,as well as business interruption, third-party liability and terrorism.
Chubb said the development of renewable offshore wind energy has become a “key aspect” of the green energy strategy of many countries around the world.
This year, global offshore wind capacity additions are expected to increase 60% to more than 10 GW, according to the International Energy Agency’s Renewable Energy Market Update 2021. Countries involved in offshore wind production include the UK, US, Netherlands, France, Germany, Denmark, Poland and Ireland.
Melanie Markwick-Day, head of Upstream Energy and Offshore Renewables, Chubb Global Markets, said: “This new product line will help us provide underwriting solutions for clients evolving towards more green technology, in addition to those who may have been operating in this space for some time.
“With the underwriting talent we have in the team, together with our first-class risk engineering capabilities and renowned claims service, Chubb is well placed to drive sustainability in this market with a long-term view of supporting our clients through the energy transition.”
Andrew Brown, head of Energy, Chubb Global Markets said: “In the context of decarbonisation, a supportive regulatory framework, low interest rates and lenders more confident with associated risks, we will be providing valued support to green energy producers by offering certainty of cover from when they start the project planning phase to when their offshore wind farms become fully operational and beyond.”