Ace and Ascot Expand in into Renewable Energy
Ace European Group has moved into the renewable energy sector with the launch of Ace Renewable Energy, which will be available to renewable energy producers and providers in the UK.
The new product will provide cover across a range of renewable energy risks, including established areas such as wind power and the more complex risks for businesses involved in waste to energy, waste management and the production of biofuels.
Ace is particularly keen to develop insurance that will allow for the varied and emerging risks faced by the sector, which is expanding in relevance and importance.
So far, insurers have tended to offer cover limited to particular types of renewable energy production, such as wind power, but around 50% of electricity produced from the renewable energy sector comes from methods such as landfill gas, waste and biofuel generation.
Cover, which will be provided on a local basis, through Ace’s UK network, includes construction/erection all risks, third party liability, industrial all risks and contractor and premises pollution.
At the same time, Ascot Underwriting has established Renewco Underwriting a Lloyd’s-based renewable energy firm that will be the first Lloyd’s-based underwriting operation dedicated to the renewable energy industry worldwide.
Category: Insurance News
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