Insurance for Power Plant Construction, Energy Facilities, and Solar Fields
Insurance for power plant construction, energy facilities, and solar fields is a fascinating area in the insurance world. In recent years, the search for green energy sources has been gaining continuous momentum in Israel and worldwide, alongside the use of developing technologies and construction of energy facilities. In this case, using a standard contractor works insurance policy does not provide an adequate solution. In order to obtain optimal insurance coverage, preparatory work, research, and in-depth information gathering must be performed, and based on this preliminary stage, extensions and wording that address the special characteristics of these projects must be incorporated into the contractor's insurance.
Here are several points that clarify how complex the task of insuring energy facilities and solar fields is:
✔ There is a dual need to first insure the facility construction works and later to perform permanent insurance of the project upon completion of the works. It's worth remembering that this is not about a regular building but a huge complex, located in nature and thus exposed to damages by humans as well as natural phenomena that could be devastating.
✔ Preparing execution contracts for work on construction of green power facilities and stations is complex work stemming from the fact that execution contracts are usually made with foreign clients, in a foreign language with insurance and liability requirements derived from regulations and laws existing in other parts of the world. This variance requires adaptation to Israeli reality.
✔ The insurance work in these cases deals with mega-projects requiring complex and complicated construction through construction companies, contractors, and professionals from a wide range of specialization fields, some local and some from abroad. Hence the need for very clear and precise definition of authorities and areas of responsibility.
Insurance for the construction of power plants, energy facilities and solar fields
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At Your Disposal: The Experience and Exclusive Work Methods We've Developed
We earned our position as the leading insurance agency in the construction industry through hard work and over 30 years of experience in insuring construction companies. The close relationship and trust established between us and the underwriters of insurance companies allows us to provide maximum insurance coverage even in policies with high risk levels as well as insurance policies for complex and complicated projects such as insurance for energy facilities and solar fields. These work to your advantage.
✔ The preliminary stage – designed to "break down" the project processes, its specifications, conditions, equipment to be used, and more. The goal is to decode and understand the insurance risks and the division of responsibility among those involved in the work. Understanding is also required regarding what are the vulnerabilities that the insurance company might demand to exclude from coverage in a contractor works insurance policy and the actions to be taken to include as many insurance extensions as possible in the policy. We have the skills to successfully execute this stage.
✔ The team of experts – a team of experts from both the insurance industry and the construction industry, engineers, assessors, insurance surveyors, accident investigators, and a wide range of other experts, each leading in their field, are assembled according to the nature of the project as an 'elite unit' that accompanies the establishment of the policy and the claims (God forbid) - in the most professional and thorough way.
✔ Building the policy - we build a contractor works policy into which we pour extensions and coverages. In our view, everything needs to be clear, agreed upon, and accepted by the insurance company in advance to prevent openings for arguments, disputes, and attempts to rely on ambiguous wording which, in the event of an insurance incident, could harm your rights.
✔ Professional guidance - we are available for your service on a daily basis as well as in the event of an insurance incident. And if, God forbid, an insurance incident occurs, we are here to ensure that all your rights are fully exercised as arising from the policy provisions and clauses.
Gas-fired power plant construction insurance
A unique, fascinating and challenging project, the likes of which have only been carried out in Israel
