Business Interruption – FCA test case

For information about the outcome of the FCA’s test case into how insurance policies respond to business interruption claims as a result of Covid-19 please visit this page.

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Line of business: Package

Trade: Energy windfarm 

With over 30 years’ experience in the renewable energy sector, RSA are fast becoming the go-to insurers for this exciting, growing industry. So, when one of the largest independent onshore wind farms in Europe was coming out of their two-year deal, our teams grabbed the chance to work closely with the broker and client, designing a comprehensive one-stop package for all of their covers.

Strengthened by our growing capabilities to lead energy liability programmes and our visible commitment to the renewable energy sector, our team was well placed to offer the value needed to improve the clients existing proposition, but we needed to engage with them as early as possible to ensure we fully understood their evolving needs.

As the renewal period approached, we established strong communications with both the broker and client, calling on our specialist team for the depth of knowledge and market insight we needed. Our team designed a package which not only covered the renewal, but also incorporated £91k of new EL/PL lines of business and a renewal for their crime policy with required increases.

In addition, the foundations laid with this process put us in the perfect position to further include the £1bn of new European assets acquired by the client in the summer.

The key to this success for our team lay in proactively managing expectations, along with demonstrating our market-leading expertise across underwriting, risk engineering and claims. All of which were recognised by the client and enabled us to win the business despite a 60% rate increase and very credible competition.

Pexels Vlada Karpovich 4050291

Renewable Energy Insurance 

Find out more about our Renewable Energy product offering.