Risk management services provider Munich Re says it will offer serial loss insurance coverage for offshore wind turbines.
Munich Re's coverage pays for the repair or replacement of defective turbines or individual components if there are serial losses affecting a number of elements, such as the gearbox, the rotor or the tower, the company explains, adding that it also covers the costs involved in deploying the special vessels required.
The five-year coverage includes retrofits carried out on units in which defective parts have been installed, even if no loss or damage has been sustained. According to Munich Re, the serial loss coverage also facilitates the financing of major offshore projects by giving investors more security.
The company notes that it has already secured a contract with REpower for a North Sea wind farm.