Consort has developed a fully integrated insurance product to accommodate the rapidly advancing Renewable Energy sector. Products that we cover:
The Marine Insurance is essentially created to indemnify the Insured against Damage to Property Insured, during the period of Insurance and happening whilst in Transit to or from the Project Site.
Marine Delay in Start-Up (DSU)
The Marine Delay in Start-Up Insurances essentially created to indemnify the Insured in respect of the actual loss of Interest if caused by a Project Delay (following indemnifiable loss of damage provided for in terms of the Marine Insurance Policy)
The Contract Works Insurance will indemnify the Insured against Damage to Property Insured, occurring during the Period of Insurance (contract period), and happening on the Project Site
Contract Works (DSU)
The Contract Works DSU will indemnify the insured in respect of the actual loss of Interest Insured if caused by a Project Delay (following indemnifiable loss or damage provided for in terms of the Contract Works Insurance Policy)
Assets Business Interruption (Consequential Loss)
The Assets Business Interruption will indemnify the insured in respect of the actual loss of Interest Insured if caused by an interruption following indemnifiable loss or damage under the Assets (O&M) policy.
Assets (Operational and Maintenance including Machinery Breakdown)
The Asset Insurance policy will indemnify the Insured against:
- Damage to Property Insured occurring during the Period of Insurance and happening on the Project Site; and
- Breakdown to machinery and plant including resulting Damage to any other surrounding property belonging to the Insured or for which the Insured is responsible
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 or property, including the loss of use thereof, and caused by an occurrence;
- Interference to property or the enjoyment of use thereof by obstruction, stoppage of traffic, trespass, loss of amenities, nuisance, infringement of light or air or water or way, easement or quasi-easement, interruption, denial of access, loss of trade or other deprivations, each being an incident;
Happening during the Period of Insurance, in connection with the Project and the Insured Business within the Geographic Limits.
SASRIA (South African Risks Insurance Association)
SASRIA provides cover against special risks such as civil commotion, public disorder, strikes, riots and terrorism
The above components together form of what is termed “cradle to grave” insurance and is packaged together to provide seamless secure short-term insurance to all parties who form part of the agreement in each and every contract, from the Lenders or Financiers, to the Borrowers, to the Contractors, Suppliers, and all other players who are described as the insured in the insurance policy
The cover starts from the date of sign off by all parties and is usually designed to expire at the end of the first twelve months of the operation and maintenance period, thereafter, it proceeds into a full-blown Annual Renewable Assets policy for the lifetime of the Renewable Energy off-taker contract