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This new consulting resource is available to Developers and Owners of Renewable Energy projects for immediate use. The Report will leverage the expertise of Renewable Guard’s former STANCE Insurance Lender Consultant, along with a survey of industry policy review data to score a Developer’s Insurance Program compared to the rest of the market
SAN FRANCISCO, May 7, 2022 /PRNewswire/ — Since 2018, increasingly hard insurance market conditions have caused insurance costs to rise while also tightening insurance coverage terms. This has cut into project returns and has left many project Developers and Independent Power Producers (IPPs) asking the question, how does my insurance program compare to the rest of the market? Up until now, the answer to that question came from two sources that may have their own inherent bias:
- The Bank or Lender Insurance Consultant – These parties often dictate the deductibles, terms, and limits you need to carry. Hardening insurance requirements can significantly increase a project Sponsor’s cost while reducing returns. So how can a Developer be certain the insurance requirements presented by the Lender, Tax Equity Investor, or their Consultant are “commercial” and not a reflection of the organizations’ risk tolerance? How can a Developer know if the terms being asked of them are better or worse from what is being asked of another customer? What resource do they have to push back?
- The Incumbent Retail Broker – Few brokers would admonish the work they have done. They placed the coverage, so the feedback will likely be that these are the best terms available. To the best of their knowledge, they may be right. But one issue is that a retailer’s knowledge is mostly based on their own book of business, which represents just a subset of the overall renewable energy insurance marketplace. Had a full market sounding been completed? What other options are there to compare the incumbent program to other similar portfolios?
These two sources…
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