Insurance Solutions for Offshore Wind Contractors - Nordwest Assekuranzmakler
Providing comprehensive insurance concepts, contractors protection, and special risk transfer solutions for offshore wind projects. Nordwest Assekuranzmakler is a leading broker in the offshore and onshore wind insurance market, offering bespoke insurance products tailored to the unique risks faced by wind energy contractors. With a track record of successful projects in the North Sea and beyond, they specialize in mitigating risks associated with defects, warranties, logistics, and weather conditions.
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Insurance Solutions for Offshore Wind Contractors Conventional and special risk transfer Dr. Patrick Wendisch Hamburg, 28th September 2016 WindEurope Summit 2016
Nordwest Assekuranzmakler Leading Broker in Offshore and Onshore Wind Insurance Market leader with 15.000 MW wind energy onshore and offshore worldwide insured Largest single market share North Sea (installation + operation) Market Leader Marine Hull Germany Special Risk Solutions with own Expert Company: we provide risk transfer in the area of: - pure defects / serial losses - offshore logistics warranty cover - makers guarantee / non physical loss - offshore logistic weather cover - lack of wind-cover WindEurope Summit 2016 Hamburg, 28th September 2016 Page 2
Nordwest Assekuranzmakler Track Record (Extract) Insurance Broker Project Insurance Broker Contractors Butendiek SylWin Adviser N rdlicher Grund Grid Connection Germany and UK - Adviser for TSO - Broker for Contractors Global Tech Meerwind BorWin N rdlicher Grund Global Tech Bard Offshore HelWin Alpha Ventus DolWin Gode Wind Bard Offshore Borkum West II Alpha Ventus MEG I Riffgat Borkum West II Gode Wind Nordergr nde WindEurope Summit 2016 Hamburg, 28th September 2016 Page 3
Operational OWP Projects serviced by NWA including those Projects being in the Erection Phase in the German North Sea (in MW) This chart takes those projects into consideration, which are serviced on behalf of and in interest of the project companies. Further projects being serviced by NWA on behalf of other project parties / contractors are not even taken into consideration. Figure as per 2015 WindEurope Summit 2016 Hamburg, 28th September 2016 Page 4
Comprehensive Insurance Concept for Contractors Contractors Protection Insurance Concept (CPIC) Pre-OCIP-Phase OCIP-Phase Operating Phase CPIC-Inception - Begin manufacturing of key components - Manufacturing of contractors scope of work OCIP-Inception - Start latest FOS - Full cover for contractors interest up until final acceptance of whole windfarm within OCIP (End of risk for contractors) CPIC begin after FAC according to contractual risks. Turbine contractor: - Macherinery guarantee insurance cover including Serial loss costs sufficient to cover mayor loss Retrofit costs pro active clause Back up for extended maintenance within OCIP Depending on contractual warrenty Works/Erection All Risk - Including Transport, Land-Risk and marine transit deliveries - Full cover depending of TOT Property damage Cover: - Difference in deductitle of CPIC Extended Extended Maintanance Serial loss cover Delay cover = Full cover - Business interruption Insurance of Business Interruption - Time element and LD s acc. to contract. (Power curve and avalailability compensation triggered by property damage) Delay damage for - Increased cost of working - Extra expenses whether time related or not. - Time loss minimization costs - Contractual liquidated damages according to contract WindEurope Summit 2016 Hamburg, 28th September 2016 Page 5
Comprehensive Insurance Concept Contractors Protection Insurance Concept (CPIC) Pre-OCIP-Phase OCIP-Phase Operating Phase Advantage: Contractor has Access to Business Interruption / Delay cover: - Time Element cover including Extras - Suppliers and customers extension - Contractors plant - Contingend BI if applicable - Lease and license - Prevention of excess - Utilities clause Special Risk Transfer Pure design / serial loss cover / offshore warranty cover - Non-material damage trigged including proatice retrofit costs Pure design / serial loss cover / offshore warranty cover - Non physical loss triggered SMA Liability - Insured is the liability risk of the operation of turbine contractor as Sercvice Company Third parts liability insurance Own underlayer projects TPL Manufacrures TPL inclucing extended products liability Sublimits to include damage to work in progress Environmental liability cover No offshore exclusion Weather risk insurance - If TSA contractor is carrying weather risk in SMA Weather risks Insurance - If contractor takes the risk for lack of wind, max. wave and for calm installation periods etc. weather cover is available taylor made to the particular contractors risk WindEurope Summit 2016 Hamburg, 28th September 2016 Page 6
Excursion mechanical damages where can they be insured Operator Contractor Sub-Contractor 1) Normal case Industry Onshore Machinery breakdown + BI Recourse of two years towards manufacturers guarantee possibly limited warranty insurance possibly limited warranty insurance + public liability + ext. products liability as manufacturer + ext. product liability as manufacturer 2) Offshore Wind Machinery breakdown + BI - remaining cover - Force majeure Machinery breakdown + BI as comprehensive cover for guaranty-damages and for SMA-activities Warranties of Sub-Contractors give relief to the main contractor New The contractor provides availability guaranties and may have interest in the proceeds + ext. product liability as manufacturer + ext. product liability as manufacturer WindEurope Summit 2016 Hamburg, 28th September 2016 Seite 7
Insurance marke Onshore & Offshore The future New independent service partners will step in TSA-Contracts of independend services companies incl. availability Main technical problems had been solved but new problems arise at the horizon Overcapacity in the insurance market only until a big bang! Availability of vessels are still not a problem Insurer and pension funds look after OWP s as an investment case WindEurope Summit 2016 Hamburg, 28th September 2016 Page 8
Your questions / Stay in contact! Dr. Patrick Wendisch Managing Partner Nordwest Assekuranzmakler GmbH & Co. KG Herrlichkeit 5-6, 28199 Bremen, Germany T +49 (0) 421 989607-300 F +49 (0) 421 989607-4300 p.wendisch@nw-assekuranz.de www.nw-assekuranz.de
