According to reports, the product, which is aimed at supporting the growth of alternative and renewable energy projects, has been launched in the UK and will benefit small to medium renewables projects, primarily onshore wind and ground-mounted photovoltaic solar, with a contract value of up to US$62 million
Chubb Climate+ is the company’s global business unit that focuses on providing insurance solutions for companies operating in the renewable and clean energy sectors. The launch is a significant move for Chubb as it strengthens its position in the growing renewables market and supports its commitment to driving the transition to a low-carbon economy.
Climate+ Renewables also provides continuity of insurance across the construction and operational phases of alternative and renewable energy projects. The product is designed to keep pace with the development of the projects and offers a broad scope of insurance coverage, including protection from the erection of all risks, delay in startup, marine cargo, marine delay in start-up, material damage, public and products liability, employer’s liability and environmental protection.
Chubb shows support for renewable energy solutions
Jared Concannon, the Head of Climate Tech for Chubb Overseas General, noted that in the UK, 41% of all energy generated in 2022 came from renewable sources. He said, “Our new Climate+ Renewables product means Chubb is perfectly placed to support clients in the growing UK renewables market, offering a specifically designed insurance programme that keeps pace with the development of their projects.”
Matt Hardy, the Leader of Chubb Climate+, said that the company had created Climate+ Renewables to harness its underwriting and risk engineering capabilities on behalf of companies developing or employing new technologies and processes that support the transition to a low-carbon economy. He added, “We look forward to bringing this new solution to companies in additional markets across Europe and beyond.”
Climate+ Renewables is available in the UK through Chubb’s etrade facility, Ignite, which offers a rapid quote and bind process, with instant documentation.
The insurance product is powered by a service-led model that will use insights from experts and specialist underwriters to support clients with tailored coverage while being backed by Chubb’s renowned claims management and risk engineering capabilities.
