We are excited to announce our new partnership with the Greentech Solutions Team of Munich Re to provide better coverage for contractors, manufacturers and suppliers within offshore wind. This partnership will combine the technical expertise and global distribution of the RiskPoint Group’s Renewable Energy team with the product design, due diligence capabilities and financial strength of Munich Re Group.
The offshore renewable energy sector is fast growing, but technical aspects and adverse weather conditions paired with high investment and operating costs present a number of unique challenges for contractors, manufacturers and suppliers within the offshore wind industry. The EPC cover will mitigate the risk of financial loss from contractual warranty obligations for offshore wind EPC contractors, subcontractors and suppliers after project handover. Built-in defects are often discovered in the operational phase and the EPC cover provides a substantial safeguard in the event of large warranty claims as well as serial losses due to faulty construction, faulty material, faulty production or bad workmanship, for a period of up to five years.
RiskPoint Global Head of Offshore Wind Renewable Energy, Igor Silence adds: “The EPC product is a unique cover which we are delighted to add to our Renewable Energy proposition. It will provide customers with the confidence to grow their business and take on more projects by mitigating potential stress on their balance sheet - thereby supporting the acceleration of the ongoing energy transition”.
Munich Re Product Lead Wind, Green Tech Solutions, Thomas Börtzler elaborates: “Our EPC cover provides a risk transfer solution for contractual warranties for EPC Contractor’s and suppliers during the warranty period. By launching this innovative product, the partners RiskPoint and Munich Re thus close a gap in insurance”.
"On behalf of RiskPoint Group I'm very honoured to welcome Munich Re as a business partner. The Renewable Energy sector is fast growing, presenting many opportunities and challenges for all stakeholders involved, calling for smart minds coming together to offer unique value propositions. We are excited to be part of driving the energy transition in collaboration with Munich Re"
About RiskPoint Group
RiskPoint is a global Managing General Underwriter (MGU) providing best in class insurance solutions to businesses and their advisors. RiskPoint operates globally with locations in 11 countries across Europe, the U.S and Asia and have around 180 employees. Our specialist and seasoned underwriters have in depth industry and product knowledge whilst our professional claims team provide a unique and pro-active approach to assisting our clients when claims occurs.
Together we offer a wide range of insurance solutions within the areas of Mergers & Acquisitions, Renewable Energy, Liabilities including Financial Lines and Cyber, Off-Shore Upstream, Property & Construction and Accident & Health. The RiskPoint core values are: trust, openness and honesty, respect and tolerance, drive and dedication as well as being part of a winning team in a competitive environment.
The RiskPoint Group Renewable Energy Offshore team is comprised of experts with leading offshore capabilities working closely across borders to provide best in class insurance solutions to our clients.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to Hurricane Ian in 2022. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The Group is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers.