Property All-Risk (PAR) insurance protects your power generation facilities and renewable energy installations from risks like Fire, Lightning, Explosion, Aircraft Impact and Smoke (FLEXAS), Typhoon, Storm, Flood, Water Damage (TSFWD), Riot, Strike, Malicious Damage, Civil Commotion (RSMDCC), Earthquake, Volcanic Eruption, and Tsunami (EQVET).
Example: If a lightning strike damages solar panels at a renewable energy facility, PAR insurance would cover the costs of repairing or replacing the damaged panels.
Business Interruption insurance covers financial loss if your power generation operations are disrupted due to property damage.
Example: If a solar power plant is damaged by a storm, BI insurance covers lost revenue and ongoing operational expenses while repairs are made, ensuring your financial stability.
Construction/Erection All Risk (CAR/EAR) insurance covers power generation projects, such as solar farms, wind turbines, or hydroelectric plants, against risks like accidental material damage, natural disasters, and third-party liability for injuries or property damage during construction.
Example: If high winds damage a wind turbine under construction, CAR/EAR insurance would cover repair costs, helping to keep the project on track and reducing the financial impact of unexpected incidents.
Machinery Breakdown insurance provides coverage for repair or replacement costs if equipment fails due to mechanical or electrical issues. This is vital for ensuring the continuity of energy production.
Example: If a generator fails unexpectedly, this policy covers the repair costs, helping you minimize downtime in power production.
Public Liability insurance protects your business from claims if third parties are injured or their property is damaged due to power generation activities.
Example: If a nearby resident's property is damaged due to construction vibrations from a hydroelectric project, Public Liability insurance covers compensation and legal expenses.
Employee Benefit insurance helps provide health, life, and disability coverage including medical expenses (Inpatient & Outpatient) for your employees. This is particularly important in high-risk industries like power generation, helping to enhance retention, boost job satisfaction, and demonstrate your commitment to employee well-being.
Example: Offering medical and disability coverage to employees working in remote or hazardous locations increases morale and provides peace of mind.
D&O insurance protects the personal assets of your executives, company, and security if there are legal actions due to mismanagement.
Example: If a legal claim arises due to alleged regulatory non-compliance, D&O insurance covers the defense costs and potential settlements, safeguarding the personal assets of your executives.
