As Australia and the world increasingly focus on alternative energy options, project principals in the energy renewables sector need to protect themselves from known, emerging and potential risks. The Gallagher Energy team can assist with risk-proofing projects and custom designing insurance programs to meet the specific needs of the energy business and operation.
The Gallagher Energy team has strong reputable expertise in offering specialist insurance broking and risk solutions, with deep industry relationships and proven experience in all lifecycle stages across the range of energy and renewables categories.
These include but are not limited to:
Globally the team is represented in the major hubs of Australia, New Zealand, Asia, Europe, Africa and the Americas.
In Australia/New Zealand our Energy team is headquartered in Perth, Western Australia, and we draw on international capabilities throughout the Gallagher global business. Our services include advice to principals and contractors on projects of all sizes and scope, as well as project placement in multiple markets. We've also got the expertise locally to guide current and future energy clients through the energy transition to renewable options.
While there's a big push for renewables in Australia and New Zealand, the supply chains to service the demand are lagging behind which can affect ability to get equipment to site.
As a result underwriters may be reluctant to provide cover, reflected in premium costs and the imposition of terms and conditions such as higher deductibles or less coverage.
Having an experienced broker with strong market relationships increases the chances of obtaining economical cover.
To meet current energy needs today's wind turbines are more than 30 times bigger than they were 30 years ago, and this trend is projected to continue, while insurers are increasingly limiting cover for defects in new and untested wind projects.
For businesses building solar and wind farms their plant may be threatened by damage due to extreme conditions, especially during the construction phase of the project.
Incepting insurance solutions for innovative business models, such as generating hydrogen from disused soft plastics, calls for insurance industry knowledge, connections and creativity on the part of the broker.
We take a holistic approach to addressing all the concerns involved including physical risks as well as contractual and regulatory risk exposures and the need to keep declared insurance values current through the construction to operational phases.
With considerable buy-sell transactions in this space, project risks around mergers and acquisitions for renewables projects often require specific due diligence and risk protections
As a full service broker Gallagher can assist with assessing project risks, deal facilitation, risk mitigation and enhancing investment return by providing insurance due diligence reporting and transactional risks insurance encompassing warranty and indemnity (W&I) insurance, tax liability and other contingent risks.
Gallagher is structured and positioned to be a trusted and advisory partner to renewable energy project stakeholders. Our team works with developers, investors, lenders and contractors and our end-to-end lifecycle expertise is an invaluable asset to any renewable energy project.
With a long-view approach to risk management requirements, our range of experience and understanding of relevant risk exposures covers:
With an experienced and growing team focused on this sector, we offer expertise with insurance placement and management for onshore/offshore wind, solar, hydrogen, carbon capture, battery storage systems, hydro and bio-energy projects. This includes all aspects of a project lifecycle from conception and project financing through to construction and operational requirements.
We offered structured customised covers based on client/project need: our deep sector focus and representation has led us to develop bespoke policy wordings which have been independently reviewed and considered best in class, backed by our London colleagues, in order to obtain the best achievable deals for our clients.
We provide experience and industry fact based advice. Beyond being a service provider, we also provide trusted partnership, insight, advice and relationship focus to our energy sector clients and are committed and available when and where we're needed.
Our clients benefit from our global capability and local delivery of specialised renewable energy expertise, in offshore wind energy, for example. To meet the growing market for renewable energy insurance cover we are fast adding to our experienced team locally and continue working closely with our knowledge expert colleagues overseas.
Access expertise on the ground with our local market-awarded energy specialist team in Australia, and collective international resources to take advantage of an expert risk partner in the renewable energy market. Download our renewable energy specialism capability statement.
1Energy consumption in Australia, WorldData.info, accessed 1 Aug 2023
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient's industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers' control.
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