3. Drivers of insurance cost & availability?
o Credibility of technology, moorings, foundations,
project team, contractors & vessels / plant;
o Installation and maintenance methodology;
o Access, vessel costs, op limits / weather
windows;
o Replacement cost , lead times & spares holdings;
o OEM warranty / guarantee availability;
o Local Environment / Third party exposures;
o Cable risks & protections;
o Regulatory obligations.
4. Reducing project uncertainty
o Engage early with specialist brokers and insurers;
o Engage early with external risk reviewers & local
marine experts, inc. Marine Warranty Surveyors;
o Understand regulatory requirements;
o Understand weather & logistics risks;
o Feed third party input into project and O & M
planning;
o Maximise tried and tested elements;
o Allocate risks through your contracting strategy.
5. Reducing technology uncertainty
o Design for accessibility & ease of installation &
repairs, including cable management systems;
o Design weight of units and components to
minimise vessel costs and weather risk;
o Use standardised proven components;
o Prove survivability first, then reliability;
o Drive down replacement costs;
o Engage marine and insurance experts early.
6. Michael Bullock, Renewable
Risk Advisers Ltd.
mjb@renewablerisk.com
+44 7584 572 070
Map out your voyage before you set out on it.
