Q: How is insurance relevant to a renewable energy installer?
The insurance industry offers a range of insurance policies for the design, creation and construction of renewable energy systems installed by renewable energy contractors. This includes cover for the value of the materials being installed before they become the legal property of the end user/owner along with protection for the installer’s tools and plant, which could either be owned or hired in by the contractor to complete the installation.
Additionally the installers need to safeguard against accidents at work which could include injuries to their own staff and/or third parties on their property, which is covered by Employers and Public liability. The liability emanating from faulty product is usually covered by the manufacturer under performance guarantee and warranty provisions. The installer would usually act as an agent of the manufacturer in that they would/should have established that the manufacturer has such cover in place.
Prior to any renewable energy system being installed, its design should be covered by a professional indemnity insurance policy which needs to be based on a “design and construction” wording as the installer needs to protect themselves from claims arising from poorly designed renewable energy systems in addition to a poorly installed one, which they have recommended to their customers to install.
Insurance Products relevant to an installer:
- · Construction Risks (including testing and commissioning and advance loss of profits)
- · Engineering Risks
- · Professional Indemnity
- · Employers, Public and Products Liability
- · Transit Risk (operational machinery breakdown)
- · Material Damage
- · Loss of revenue & business interruption
- · Director’s & Officers and Trustee Liability
How might insurance improve their portfolios of services?
Insurance is a risk transfer mechanism. Having thought about what risks needed to be protected, an installer who has put the contracted work, employer and public liability and the design and construct professional indemnity insurance in place can pitch for business whilst reassuring their customers that any sudden or unforeseen events during the construction phase would be covered by insurance. The ability to produce evidence of cover on request will convey to the potential customer that the installer has already thought of and put in place, the appropriate insurance cover needed to trade in the renewable energy system installation business.
What makes a Naturesave Policy unique?
- · We source the market – most brokers don’t
- · We check competitiveness every year
- · We network with operatives who need contacts for spare parts and Operation & Maintenance provision
- · We use the insurance industry as a vehicle for sustainable development
- · We don’t use call centres – you get to speak to a friendly person and not an automated system
- · We work to get you the best cover for your needs
- · We treat people the way we would like to be treated.
Matthew Criddle set up Naturesave in 1993 and, in 2012, launched insurance for renewable energy systems.
Naturesave is currently the only insurer in the UK that offers insurance on small renewable energy systems as standard within its household policy.
Naturesave has a charitable arm – The Naturesave Trust. As part of Naturesave’s environmental commitment, 10 per cent of the household, annual travel, personal accident & illness, group travel & personal accident/Illness insurance, legal expenses and excess buy back insurance policies is paid directly into a trust fund, which is then used to benefit specific environmental and conservationist projects and charities throughout the UK, including community renewable energy projects.
In 2011, Naturesave won the Queen’s Award for Enterprise in Sustainable Development. They are the only insurer to have received this award in the Sustainable Development category.
For more information on Naturesave and the policies it offers, please visit www.naturesave.co.uk or call 01803 864390 to speak to one of our friendly team to discuss your insurance needs.