Additional coverage safeguards turbines long after traditional warranties and manufacturer agreements have expired
May 23rd 2011, Newport Beach, CA - GCube, the leading provider of insurance services for renewable energy projects, today launches its Enhanced Defects Coverage program. This unique program provides a realistic and dependable response to equipment upkeep and maintenance when no longer covered by a traditional manufacturer's warranty.
The enhanced coverage comes at a critical time for the international wind energy industry as machinery warranties expire and wind farm owners and operators face increased maintenance and repair bills and further unexpected additional costs.
To combat this, the GCube Enhanced Defects Coverage Program provides solid financial coverage, backed up by practical, hands-on support for a notoriously complex area of the wind energy market.
As part of the policy, wind farm owners and operators are covered for any unforeseen and unscheduled repairs associated with defective wind turbine parts, faulty workmanship and design and the longer-term cost of removal and repair. This depth of coverage, combined with a series of key oversight activities that take place at the end of the initial warranty period, makes this level of enhanced protection as robust as it is unique.
"A post warranty defects program of this nature marks a critical turning point in the evolution of the North American wind industry" said John McLane, President, GCube.
"Traditionally, large-scale project owners have relied on the original equipment manufacturers to take care of most unscheduled maintenance and turbine repair. Once warranties expire, large scale project owners are faced with the question of whether to take on-going operations and maintenance activities in-house. This can result in the need to address the unplanned and unexpectedly high maintenance and service costs, coupled with the logistical and financial headache associated with turbine inactivity, as machinery spends weeks, and sometimes months, offline. Enhanced Defects Coverage is designed to put a cap on those costs and protect the project's incomes balance sheet.
"Working closely with the operations and maintenance (O & M) providers, the Enhanced Defects Coverage program addresses this challenge and provides a realistic and affordable level of coverage to the owners and operators of established wind farms."
Developed to meet the changing needs of the industry, the additional coverage capitalizes on GCube's two decades of experience, insuring in excess of 30,000MW of operational wind farm capacity worldwide. GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, biomass, wave, hydro and tidal around the globe.
GCube will be exhibiting at WindPower Expo at booth 2929 in the Anaheim Conference Center, Orange County, from 22nd - 25th May 2011.
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GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, biomass, wave, hydro and tidal around the globe.
Its specialized focus and robust underwriting authority offers unparalleled property and liability insurance coverage for all construction and operational risks. With over 20 years' experience in the renewable energy sector, GCube understands the unique exposures of these power generation projects and assists its clients in identifying, quantifying and mitigating risk efficiently and economically while helping them achieve their business objectives.
To learn more about how we can support your insurance coverage requirements, please visit our website at www.gcube-insurance.com
GCube is comprised of GCube Underwriting Ltd, based in London, and GCube Insurance Services, Inc.; headquartered in Newport Beach, CA with offices in New York and Minneapolis.