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In another incident a client’s sets of blades for a wind farm were damaged during a storm at a harbor where the blades were being stored prior to shipping to South Africa. Other incidents involved damage to PV cells during inland transit from the ports, due to road accidents/overturning of trucks, and in another, a client experienced a loss during the construction phase of a wind farm project when a tele-handler which was being used to pick up blades overturned and fell on top of the blades, says Boyd. All of these incidents would be recoverable in terms of our Renewable Energy project insurance policy, thus providing the protection expected by our clients,” she concluded.
As one of South Africa’s leading insurers, Mutual & Federal has been protecting clients from financial loss for more than 180 years, providing superior insurance solutions to protect business ventures and personal assets. Mutual & Federal has the technical expertise and resources to provide clients with peace of mind in the knowledge that they are dealing with an insurer who understands the complexity of renewable energy risks, and can offer the necessary cover under one seamless policy. Part of the Old Mutual Group, Mutual & Federal has a AA+ credit rating from the Global Credit Rating which proves an undisputed claims paying ability.
The Mutual & Federal Renewable Energy project insurance solution is another way which shows how the company continues to develop appropriate insurance solutions to protect what’s important to South Africa.
In recent years, there has been a growing emphasis on renewable energy as a source of alternative energy. South Africa’s Integrated Resource Plan (IRP), which is a 20 year projection on electricity supply and demand, indicates that by 2030, approximately 38% of the total electricity generated in South Africa - about 23 375 MW - will be required to come from renewable energy sources according to the South African Department of Energy IPP Renewables website, www.ipprenewables.co.za.
Mutual & Federal has been at the forefront of providing insurance cover for local renewable energy projects which involve the construction of both wind and solar farms.
The construction of renewable energy plants is complex and involves a diversity of risks. Many of the components comprising the solar or wind farms are sourced overseas. Risks therefore include the importing and shipping of the components. The components are also transported by road, before the construction work commences. Once the plant has been constructed, the permanent assets will also need appropriate cover, from testing and start up, through to full operation.
Within the Corporate & Niche division Mutual & Federal offers quality corporate, marine and construction insurance solutions to turn any setbacks into comebacks.
“In order to meet our clients’ needs, we have developed a product, using a ‘cradle to grave’ design approach, which provides Marine, Construction, and Operational cover for Assets, Breakdown or Profits, all in one comprehensive policy” says Samantha Boyd, Head of Corporate & Niche at Mutual & Federal. This policy is able to adapt to various situations and incidents. To date we’ve had incidents where a client experienced damage to materials whilst in transit to a site.
Protecting what’s important to South Africa