Ark – Offshore Wind

19 Pages·2015·0.63 MB·English

by  Streidl, Simone

ARK SYNDICATE MANAGEMENT LTD
Offshore Windenergie – Aus Sicht des Londoner Marktes
Lloyd’s Meet the Market, Frankfurt 21/04/2015 Simone Streidl – Underwriter Renewable Energy
Content

• Ark Syndicate 4020
• Offshore Wind Industry Update
• Loss Statistics
• Wordings
 Contingent Business Interruption (CBI)
 Multi-year policy periods
 Increasing sub-limits
 Design error / Defective parts (LEG 3)
• Conclusion
2
Inhalt

• Ark Syndicate 4020
• Offshore Wind Industrie
• Schadenstatistiken
• Vertragsklauseln
 Zulieferer und Abnehmer bedingte Betriebsunterbrechung
 Versicherungspolicen mit mehrjaehriger Laufzeit
 Ansteigende Haftungsbegrenzungen
 Designfehler und schadhafte Teile (LEG 3)
• Zusammenfassung
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Ark Syndicate 4020
• Syndicate 4020 at Lloyd’s
• Diversified and balanced portfolio of reinsurance and insurance business
• Experienced team of underwriters in their specialist areas
• Clear understanding of our clients and producers
• Long term relationships
• Lloyd’s market ratings: AM Best: A (Excellent) / S&P’s: A+ (Strong)
• The Renewable Energy team at Ark
 Worldwide portfolio
 Construction All Risks and Operational All Risks
 Products: Onshore and Offshore Wind Farms - Solar (PV and Thermal) –
Geothermal - Wave & Tidal - Hydroelectric

4
Industry Update
Source e: EER, BTM; Global Data; Roland Berger

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Industry Update
Source: EER; BTM; Global Data; Roland Berger

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Loss Experience
Offshore Wind Construction Claims Spread of Costs
Vessel Charges =
65%
Special Machinery
(Third Party) = 1%
8%
5%
Site Works 5%
Cable claims 40.3 % (contractor labour)
16%
= 16.5%
Collision 6.9 %
Materials = 5% 65%
1%
Electrical 12.5 %
Foundations 15.3%
Engineering (survey
Fire 1.4 % / consultants) =
4.5%
Lightning 2.8 %
Admin (overhead /
Blades 4.2 %
legal / insurance) =
8%
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Wordings
Broad Scope of Cover

• Contingent Business Interruption
Potential bottlenecks on the supply side for components
Very broad covers including weather risk, vessel availability

• Multi-year policy periods for operation after the construction phase

• Increasing sub-limits

• Design error / Defective parts (LEG3)
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Bottlenecks
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Contingent Business Interruption (CBI)
• Offshore converter stations

Bottleneck
 Long lead times due to limited number of suppliers and delivery time from 30 to 50 month

• Offshore HVDC cables and cable laying
 Only few suppliers. Shortages may occur

• Installation vessels for converter stations
 Only few vessels can install converter stations >10,000 t

• Transmission system operator (TSO)
 TenneT to provide grid connection for all projects in the German North Sea
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