An insurance policy is the primary method of minimizing the negative consequences of the occurrence of various types of events that cause damage. Most of the time, the purchase of a policy is voluntary, but sometimes the legislator makes it mandatory to have them, an example of which is motor insurance. Insurance for an onshore wind farm falls into the first of these categories. What is worth knowing about it? When is it good to think about buying such a policy?
Wind farm – how to choose insurance?
Insuring a wind farm significantly reduces the risk of having to incur repair costs in the event of damage to the equipment comprising it. It is important to remember that each wind farm is an assembly of many different devices, including the tower, nacelle, rotor with blades or switchgear and transformers. When buying a policy, it’s worth paying attention to its scope – so that in the event of a loss, it doesn’t turn out that a particular component of a wind power generation facility is not covered.
Sometimes insurance companies also offer a policy that covers damage resulting from power outages caused by damage to the wind farm. In essence, then, it all depends on the insurance option chosen, and therefore also on the funds that the farm owner wants to allocate to purchase the policy. On the market, in addition to insurance for the installation itself, one can find, for example, insurance for the transportation of farm components, insurance against damage caused by the farm to the environment, or third-party liability of the builder and operator.
Insurance is worth thinking about at the investment stage
Therefore, it is worth thinking about an insurance policy already at the stage of investment. At that time, many different risks arise, related both to the course of construction and to the very consequences of the foundation of the wind farm – whether for the environment or for neighboring buildings. Of course, these risks can be significantly minimized by properly developing a concept for the construction of a wind farm and executing it in accordance with the rules of construction. However, it is rarely possible to completely avoid all risks. Their occurrence in the absence of insurance means for the investor or contractor to incur considerable costs, which reduce the profitability of wind farm construction.