Consort has developed fully integrated insurance products to accommodate the rapidly advancing Renewable Energy sector. Our Renewable Energy capability and capacity, which has enabled us to accept Utility Scale projects on a cradle to grave basis across all forms of RE technology (typically REIPP structured projects,) has now been extended to embrace smaller scale projects of up to 10MW, also underwritten on a full cover basis in the form of our Comprehensive Energy Insurance Policy. Underpinned by our team of highly experienced underwriters with many years of relevant history in this field Consort are now positioned as one of the leading product and service providers in this complex area of insurance. Consort’s Comprehensive Energy Insurance Policy in which all appropriate classes of insurance are embodied into a single policy document is well suited to all stake holders operating within the Renewable Energy space.
Products that we offer on both our Utility Scale / REIPP policies and the Comprehensive Energy Insurance policy are:
Marine Cargo Insurance
Marine Cargo Insurance provides indemnity to the Insured against damage to Property Insured during the period of Insurance in respect of materials and parts sourced from overseas suppliers and manufacturers between port of lading and port of disembarkation.
Marine Delay in Start-Up (DSU)
The Marine Delay in Start-Up insurance provides indemnity to the Insured in respect of defined consequential financial loss caused by the project being delayed by an indemnifiable loss provided for by the Marine Cargo section of the policy.
Contract Works / Erection All Risks
The Contract Works and Erection All Risks insurance will indemnify the Insured against Damage to Property Insured, occurring during the Period of Insurance (contract period), and happening on the Project Site as defined in the contract.
Contract Works Advanced Loss of Profits / Delay in Start-Up
The Contract Works DSU will indemnify the insured in respect of consequential financial loss arising from a Project Delay following an indemnifiable event of loss or damage provided for in terms of the Contract Works Insurance Section of the Policy.
Operational All Risks (Including Mechanical and Electrical Breakdown)
This section of the policy comprises an Assets All Risks Insurance policy and provides indemnity to the Insured against:
- Damage to or loss of the Property Insured occurring during the Period of Insurance from an insured peril and happening at the site of the Insured property; and
- Mechanical and Electrical Breakdown to machinery and plant including resultant Damage to any other insured property belonging to the Insured or for which the Insured is responsible
Business Interruption (Consequential Loss)
The Business Interruption policy provides cover for Loss of Revenue or Loss of Gross Profit and Increased Cost of Working following indemnifiable loss or damage to the Property Insured under the Operational All Risks section of the policy
Public Liability (Broad-Form)
The Public Liability policy provides indemnity to the Insured for all sums which the Insured shall become legally liable to pay in respect of, or arise out of:
- An injury suffered by any person or persons, damage to or destruction of tangible property, including the loss of use thereof, and caused by the operation of the business
Happening during the Period of Insurance, in connection with the Project and /or the Insured Business within the Territorial Limits.
SASRIA (South African Special Risks Insurance Association)
SASRIA provides cover against special risks such as civil commotion, public disorder, strikes, riots and terrorism
The above components together form what is termed “cradle to grave” insurance and are packaged together to provide seamless and secure short-term insurance to all parties who form part of the agreement for each contract and who are described as the insured or whose interests are otherwise noted in the insurance policy.