Why do you need insurance?
Here is why you need renewal energy insurance:
- Financial security
Insurance provides financial security against unforeseen circumstances. This includes coverage for property damage, breakdown of machinery, delays, business interruption and other operational risks that could impact the smooth running of renewal energy projects.
- Business continuity
Any damage to machinery can disrupt business operations, impacting energy production, revenue, etc. Insurance covers the covered risks, ensuring continuity of business, which is particularly important in renewable energy projects where downtime can lead to significant financial loss.
- Comprehensive and customisable
Contractors all risk insurance provides comprehensive protection against a wide array of risks such as equipment breakdown, damage to property and third-party liabilities. It can also be customised to meet the specific needs of the project.
How can Contractor all risk insurance help?
Contractor all risk insurance comes to your aid in case of unfortunate events that can leave you in financial distress. Here’s how insurance can help you during a crisis:
- Covers damages to property/materials
If there’s any damage or destruction to property due to reasons covered in the policy, insurance will cover the loss. Insurance will also cover the repair or replacement costs of materials, if damaged. The reimbursement will be up to the sum insured.
- Covers third-party liabilities
In case of damage to third-party property, or injury to third-party other than the insured’s employees or workers due to construction activities, Contractors all risk insurance will protect the insured against third-party liabilities. The expenses will be covered by insurance.
Conclusion
Renewable energy projects face a variety of risks, including construction, environmental, regulatory, technological and operational. Having renewal energy insurance will ensure you are financially protected against uncertainties associated with such projects and your business continues without obstacles.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is advised to verify the currency and relevance of the data and information before taking any major steps. Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.