Insurance for the construction of power stations, energy facilities and solar fields
A new world order with unique insurance needs
Insurance for the construction of power stations, energy facilities and solar fields is a challenge for the insurance industry. In the last few years the demand for sources of renewable energy is on the increase both in Israel and worldwide, asides the use of state of the art technologies and the construction of energy facilities. In this case a standard Contractors All Risks policy does not provide an adequate solution. In order to obtain optimal insurance cover it is necessary to conduct background work, research and collate in-depth information and based on this groundwork; various extensions and special wordings need to be added to the Contractors All Risks policy to address the unique characteristics of these projects.
Hereunder are several points that illustrate the complexity of arranging insurance for energy facilities and solar fields:
✔ There is a twofold need to firstly insure the construction works of the facility and then arrange property insurance for the completed project. It is important to bear in mind that such structures are not regular buildings but rather huge complexes, quite often in remote locations and exposed to damage both by human elements as well as due to natural perils which can be catastrophic.
✔ Drafting contracts for the execution of works to construct renewal energy power facilities and stations is a complex task, arising from the fact that such contracts are usually executed with foreign entities, in a foreign language with insurance and liability covenants derived from the rules and regulations applicable in other places in the world and this variance needs to be adapted to common practice in Israel.
✔ The task of arranging insurance in such cases involving intrinsic and complex mega-projects by construction companies, contractors and a diverse range of freelancer professionals in various fields of expertise, some local and some foreign, creates the need to define the territorial limits and jurisdiction applicable to the policy in a very clear and precise manner.
To obtain a quotation for insurance cover tailored to your needs
Construction of the Ashlim Sun Tower
A fascinating and challenging project being one of the most complex projects of its type to be performed in Israel by Yanushavski Engineering and Construction Ltd
At your service: The experience and unique methodology we have developed
We have acquired the status as the leading insurance agency in the field of construction insurance by virtue of 25 years’ experience during which time we have specialised in arranging insurance for construction companies. The trust and close relations we have built with insurance company underwriters enables us to obtain the broadest insurance cover, even in policies involving a high level of risk such as energy facilities and solar fields. All of these factors are in your favour:
✔ The preparatory stage – This stage analyses the process of the projects, its specifications, terms and conditions, the equipment used in the project and more. The objective is to ascertain and comprehend the insurable risks and the apportionment of liability between the parties involves in the project. It is also necessary to identify any weak spots that the insurance company may possible seek to exclude cover for under the Contractors All Risks policy and also ascertain what needs to be done in order to include the maximum scope of extensions in the cover. We have the expertise to successfully lead you through this stage.
✔ A team of experts – A team of experts both from the insurance industry as well as from the construction industry, engineers, surveyors, loss adjusters, accident investigators and others forms our extensive team of experts in their respective fields depending on the nature of the project to guide you through the process of arranging the policy and dealing with claims in the most professional and exhaustive manner.
✔ Formulating the policy – We formulate a Contractors All Risks policy with various beneficial extensions of cover. Our philosophy is that everything needs to be as clear as possible and wherever possible agreed with the insurance company in advance in order to prevent any potential misunderstandings, disputes or attempts to manipulate ambiguous wordings in the event of a claim that could affect your rights.
✔ Professional guidance – We are at your service at all times and especially so in the event of a claim.
In the unfortunate event of a claim we are here to ensure you fully exhaust your rights under the terms of the policy.
For information or details about the type of insurance required,
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Insurance for the construction of gas operated power stations.
A unique, fascinating and challenging project of the type which has rarely been seen in Israel.
Yanushavski Engineering and Construction Ltd