Delta Lloyd has built up a tradition as an insurer of wind turbines and is now concentrating its knowledge in a dedicated wind energy team.
The team will focus exclusively on this sustainable growth market. Delta Lloyd is one of the first European insurers to provide cover for offshore wind turbines and has been closely involved in this evolving market since 2002. Delta Lloyd has set up a special Offshore Wind Energy underwriting team to take optimal advantage of its cutting-edge knowledge in this field.
Over the past 20 years Delta Lloyd has systematically gathered and accumulated expertise in the field of wind energy. “We are increasingly approached to insure offshore wind farms, also outside the Netherlands. It is a growth market which requires extensive technical knowledge and we have carefully acquired this over the past decades. We are now bundling that knowledge in a special ‘wind team’,” says Titus Tiel Groenestege, the executive involved at Delta Lloyd.
The activities of Delta Lloyd in the field of technical insurance for wind turbines extend from the construction of wind farms to business continuity insurance. The initial experiences with wind farms date from the early 1970s. Since then, Delta Lloyd’s portfolio has grown to comprise over 1000 wind turbines.
In 2006, Delta Lloyd became the first insurer to provide ‘cradle to grave’ cover. This is a single policy consisting of two components: the first component provides CAR cover for the construction of the wind farm. The second takes effect when the wind farm is completed and provides long-term operational cover for consequential loss. This form of insurance also helps to facilitate technological innovation – because the risks of innovative projects are often too large unless operational continuity can be guaranteed once the wind farm is up and running. Delta Lloyd has removed this uncertainty by offering ‘cradle to grave’ cover.
Delta Lloyd is already involved in offshore wind farms in the Netherlands, Belgium and Germany. This sharpened focus is expected to lead to a further expansion of Delta Lloyd’s position in this specific market.
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Source: deltalloyd, September 26, 2011