Renewable Energy

Renewable Energy and Sustainability

Building risk management and insurance solutions for your energy solutions

Hugh Wood Canada’s renewable energy insurance solutions are current, innovative, and meet the latest insurance standards and coverage features. We aim to partner with you to create a customized insurance program anywhere in the world, whatever your priority and discipline.

Longstanding experience and focus on the sustainable energy industry and specific advocacy approach sets our team apart. Our lean team provides a robust approach to client service, claims management, risk control, and due diligence. Specialty broking in sustainable energy allows for specific, nuanced insight and strategic partnerships generally not found within other Broker houses.

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industry challenges

Unique Challenges of Renewable & Sustainable Energy Sectors

We recognize the unique challenges that the Renewable & Sustainable Energy Sectors encounter regularly. As a result, we strive to continuously adapt to the ever-changing global market, providing customized risk management and renewable energy insurance solutions that address a wide range of risks.

Growing Demand and Accelerated Development

The ever increasing demand for renewable energy, in conjunction with the widespread electrification of transportation and industries, has led to accelerated development of the industry. With a plethora of states, cities, utilities, and businesses announcing or pursuing decarbonization plans, the industry is poised for further growth.

While solar and wind technologies have been the primary focus of the industry, supportive government actions may pave the way for further expansion into new technologies, such as batteries and green hydrogen.

risk assessment

The importance of risk management

As companies, utilities, and governments prepare to meet ambitious climate targets, renewable energy deal-making is expected to increase. However, the industry must also confront the challenges that come with growth. As facilities age and new risks emerge due to the use of new technology, companies must prioritize risk identification and assessment to enhance financial and operational resiliency.

The long-term financial viability of facilities is increasingly determined by choices around maintenance regimes, operation and maintenance, contractor and subcontractor selection, and, where possible, facility upgrades.

Risk Management Solutions for Long-Term Financial Viability

Hugh Wood Canada offers risk management solutions that help you to identify and assess your company’s risks accurately and manage and transfer those risks more effectively to the insurance industry. By working with us, you can be confident that you have the support you need to ensure the long-term financial viability of your company.

insurance

Coverages we can offer:

We offer insurance solutions and services tailored to both construction and operational risks in the Renewable & Sustainable Energy Sectors, which include:

Operational Insurance

All-risk Property and Machinery Breakdown (incl. Business Interruption)
Commercial General Liability
Umbrella and Excess Liability

Construction Insurance

Builders’ Risk (incl. Delay in Start-Up/ Business Interruption)
Project Wrap-Up Liability

insurance

We can also offer the following coverages:

Operational Risks

Business disruptions and loss of revenue
Cyber and privacy
Damage to Physical Assets
Design, construction and testing/commissioning risks
Employment practices and workplace safety
Environmental risks
Fraud/theft
General operation and maintenance risks
Liability and legal risks
Natural hazard and weather-related risks
Political, policy and regulatory risks
Reputational risks

Other Insurance

Automobile Insurance
Business Travel and War
Cargo/Marine
Crime
Cyber Risk
Directors & Officers Liability
Errors & Omissions
Fiduciary
Fine Arts
Hostile Environment Crisis
Kidnap and Ransom Liability
Mobile/Contractors’ Equipment
Personal Accident
Political Risk and Structured Credit Insurance
Political Violence Insurance
Pollution and Environmental Liability
Reclamation Bonds
US Worker’s Compensation and Employer’s Liability

Why work with us?

Engineering, Procurement and Construction (ECPS)

Whether offering full Engineering, Procurement and Construction services, or any one of those three pieces, you are expected to take on liabilities. We understand the contractual obligations and how to manage complex claims involving multiple parties. With access to independent engineers, top rated bonding companies worldwide and claims expertise, we are your natural risk management partner.

International

With roots tracing back to 1982, we are proud that our history with the Hugh Wood International network, its capabilities and expertise, enables a truly global reach. We have access to all major insurance markets worldwide, including Underwriters at Lloyd’s of London via the HWI London office.

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Owners and Investors

From owning a single generation asset to a portfolio of assets in the power sector, renewables face their own unique challenges. Let us help you protect your hard assets and potential liabilities; walk you through O&M best practices, assist in mitigating downtime and insure for curtailment or unscheduled maintenance; even analyze when weather hedge can be used. Working with clients' legal counsel, our experts are often brought in to review contracts and asset management agreements. Our loss control services can assist in due diligence to avoid any future losses, uninsured downtimes and other pitfalls.