Wind Turbine Technology Evolution and Insurance
Snapshot
- Insurance Market Challenges: As manufacturers like Goldwind introduce new turbine models, insurers face challenges in determining whether the technology is ‘proven’ or ‘prototype’. This classification impacts the level of defects coverage available under the contract Works Policy, with LEG1 and LEG2 exclusion clauses playing a critical role.
- Proactive Engagement with Insurers: Goldwind exemplifies proactive engagement with insurers, presenting the evolution of their latest technology to meet insurer requirements. This approach provides assurances to project stakeholders that insurance coverage will be available when needed, aligning with turbine deliveries, installation, and commissioning.
- Importance of Type Certification: Insurers require specific data points and type certification to assess technology status. Goldwind’s strategy includes mapping out key milestones to ensure coverage aligns with project timelines, helping secure appropriate coverage levels acceptable to lenders.
Introducing the Whitepaper
The insurance market plays a crucial role in the evolution of wind turbine technology. As manufacturers like Goldwind launch new models, insurers must assess whether the technology is ‘proven’ or ‘prototype’, impacting coverage levels. This whitepaper delves into the insurance implications of Goldwind’s technological advancements, highlighting the importance of proactive engagement and type certification.
Explore the full whitepaper to understand how Goldwind navigates insurance challenges and ensures compliance with lender requirements, providing valuable insights for renewable energy projects.
This content originates from a session delivered at Aon’s 3rd Renewable Energy Insights Forum 2025 on 18 March 2025, in our Aon Sydney office.
If you have any more questions about the insurance market for renewable energy, please contact Richard Nunny, Head of Renewables Energy, APAC at richard.nunny@aon.com or Pat Behan, Head of Renewables Energy, Australia at pat.behan@aon.com.
