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World’s first serial losses insurance launched for offshore wind turbines

Bremen, Germany - Insurance broker Nordwest Assekuranzmakler (NWA) in close collaboration with the wind turbine manufacturer REpower Systems has launched the world’s first serial losses insurance for offshore wind turbines.

Until now, it was not considered viable to insure against pure serial losses. For over two years now NWA has been working on this essential kind of insurance coverage. Contracts with one of the world’s biggest insurers, Munich Re, have already been signed. "This is a decisive step for the offshore wind industry", Thorsten Meyer, head of risk management at Repower Systems, is delighted to announce. "The comprehensive insurance coverage that NWA has devised is also a stamp of approval for our offshore wind turbines because Munich Re wouldn’t have been prepared to subscribe to such cover unless it had absolute faith in us".

Risks involved in installation and operation of offshore wind turbines

This new type of insurance coverage was developed by NWA over the course of two years. After a detailed analysis of the potential risks involved in the installation and operation of wind turbines, undertaken jointly with REpower, the leading insurance broker in the renewable energies sector set out to find the right type of insurance coverage for REpower. "If ten people tell us it can’t be done, then that’s something that really triggers our ambition", says Thomas Haukje, managing partner of NWA, about how both parties concluded the agreement. "We’re proud to have achieved this milestone in insurance coverage", says Haukje with satisfaction. "The coverage normally available did not meet our demands and we’re delighted that NWA didn’t give up and was able to deliver as it said it would", adds Thorsten Meyer of REpower.

Source: IWR Online, 05 Dec 2012