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Client Ref.: 286.585
Client and project challenges
For a client with an important investment branch in the promotion of photovoltaic solar parks. In this particular case, for a photovoltaic solar park located in Extremadura, of which our client is the promoter and an engineering company of an electricity company is the contractor.
Our work and approach
Our work approach was based on the protection of the interests of the Developer and the Financial Entity and other entities with interests in the Construction and Operation of the Photovoltaic Plant, making available to the Developer and the Financial Entity the know-how in insurance brokerage in general and in particular in the Risk Management and the insurance of the construction and subsequent operation of solar plants, during the life of the loan.
We analyze the insurance obligations of the Project contracts, proposing the necessary protections of the installations against the risks of material damage and always protecting the company’s profit and loss account and the safety of the employees (risk of occupational accident in the assembly works).
For the construction and operation of the photovoltaic solar park, we carried out a Due Diligence report and subsequent underwriting of the insurance policies in accordance with the identified needs and proposed coverages.
Results
We insured the execution phase of the work for a duration of 10 months, including 3 days of start-up, and the maintenance phase for 12 months, for an insured sum of more than 14M€, corresponding to the contract budget.
We underwrote the All Risks and Construction and Erection Liability insurance for the wind farm. Underwriting of ALOP and Early Loss of Profits coverages. Underwriting of TR insurance for Material Damage and Machinery Breakdown.
Underwriting of the farm operation, contractors’ and subcontractors’ subsidiary and employer’s liability, cross, work accidents, damage to the energy receiver and bonds and defense.
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