Insurance
Insurance is one of the most important aspects of biomass power generation to protect the project owner from several risk aspects. Risks can happen any time during handling and transportation of equipment and construction & operation of the power plant. It is recommended to go for comprehensive insurance during transportation and construction.
During operation, the benefits and premium should be weighed and based on the level of protection required and the premium amount, insurance can be arranged. There are so many options available in the market. The project owners can select the most appropriate option based on the premium. Our strong recommendation is not to overlook insurance, as some aspects are beyond human control.
In our experience, we came across more than 200 biomass power generation and cogeneration projects. But we cannot state any single power plant as 100% risk free. Some things are beyond human control. The best thing is to insure the plant to protect from any unanticipated problem.
Following are some of the insurances during construction:
• Workmen’s compensation insurance
• Automobile liability insurance
• Construction plant and equipment insurance
• Marine vessels, waterborne and airborne craft liability insurance
• Construction all risks insurance (against loss or damage to the plant, against the legal liability, fire accidents etc )
• Third party liability insurance
• Suitable marine and other transit insurance on an “all risks” basis
Following are some of the insurances during operation:
• Fire risks insurance
• Advanced loss of revenue insurance
• Operator’s business interruption insurance
• Third party liability insurance
• Workmen’s compensation insurance
For services related to insurance, contact us.