Wind Energy
Wind projects can operate for decades across very different Canadian geographies, while the equipment supporting them continues to evolve. Turbine obsolescence, natural catastrophe exposure, replacement timelines and long-term project obligations can all affect what happens when an asset is damaged.
HUB’s Renewable Energy specialists help developers, owners and operators align insurance, risk management and financial assurance with the equipment, location and project obligations behind the asset.
Stay Ahead of Industry Challenges
Protect the asset as technology, site conditions and obligations change
A wind project’s risk profile continues to evolve after construction. Equipment availability, local hazards, provincial and utility requirements and eventual end-of-life obligations can all change what the project needs from its risk strategy.
Older turbine models and components can become unsupported or unavailable while the asset remains operational. A loss may therefore require new equipment, engineering changes and longer restoration periods rather than a straightforward like-for-like replacement.
HUB helps clients evaluate current values, replacement assumptions, policy wording, critical spares and business interruption against the technology operating at the site.
Insuring the original equipment value is not necessarily the same as insuring what it would cost to restore the project today.
A program better aligned with current equipment availability and replacement costs.
Wind assets can face wildfire, lightning, flood, wind, ice and other hazards depending on location. Site access, remote operations and long component lead times can increase the operational consequences of a loss.
HUB considers natural catastrophe exposure, site controls, engineering, access, maintenance and business interruption together to help clients understand both physical and downtime risk.
The same turbine technology can present differently to insurers depending on where and how the project operates.
Risk strategy informed by the actual site rather than the technology category alone.
Wind projects can carry obligations beyond construction and operation, including utility, contractual, performance and eventual decommissioning requirements. The type and form of financial assurance required can vary by project and jurisdiction.
HUB brings insurance and surety expertise together to help clients evaluate project obligations, bond requirements, financial capacity and contractual responsibilities across the asset lifecycle.
Long-term project obligations should be considered before they become financing or decommissioning constraints.
Greater visibility into insurance and financial assurance needs across the project lifecycle.
Tailored Risk Solutions for Your Industry
Connect asset protection, downtime and long-term obligations
HUB considers how the wind project operates today, how critical equipment could be replaced and what obligations remain throughout the life of the asset.
Coverage is evaluated against current turbine values, critical equipment and realistic restoration periods, including the potential for longer downtime when replacement technology and/or cranes are difficult to source.
OEM support, warranties, O&M agreements, credit agreements, power purchase agreements, supply contracts and policy terms are considered together so the organization has a clearer view of what may respond after an equipment loss and where exposure may remain.
Where projects require performance, interconnection or decommissioning security, HUB’s surety specialists can help assess the obligation, bondability and financial structure separately from the insurance program while keeping both within the broader project risk picture.
Industry Insights
Insights for managing wind energy risk across Canada
