Renewable projects have been warned against approaching insurers at the “eleventh hour”. At last night’s ecoConnect panel on managing risks in the renewable industry, the advice from insurers was clear: get us involved as early as possible to guarantee getting good insurance.
Paul Marsh, at risk management firm Tysers said: “Early engagement of the insurance profession would certainly ease a project through. Typically, a project will involve a broker when the term of the loan agreement says, can you do the insurance like this, and then you’re told to jump up and fix it at the eleventh hour.”
He suggested that just like lawyers, architects and designers, insurers should be involved in a project from the start.
The plea was echoed by Mark Potter, Head of Renewable Energy at RSA Insurance Group. He said: “Getting that involvement early on and being able to establish as strong relationship with sharing of information at an early stage allows [insurers] the ability to understand the risk better and understand the individual needs of the client better.”