Insurance company Aviva has launched its first specialised package for renewable energy companies.
The insurance, Aviva Renewable Energy, is designed specifically for solar power companies, onshore wind, battery storage and others in the renewable sector. It is available through one underwriting team, and is designed to cover operations overseas, as well as home markets.
It will cover the whole life cycle of projects, including: marine project cargo, construction and operational, third party liability and terrorism cover.
The company says that the launch of Aviva Renewable Energy insurance is an important recognition that the renewables industry has specific needs that must be supported.
Aviva was the first global insurer to become carbon-neutral in 2006, the company claims, and the launch of this insurance is a continuation of this commitment to decarbonisation according to managing director of commercial lines Patrick Tiernan.
“This is a small step in our sustainability journey as a commercial insurer. We are already working with our largest brokers and clients to ensure we can be their partner of choice as the UK economy prepares for carbon neutrality in 2050.”
The company was one of the founding signatories of the Finance Principles of the Powering Past Coal Alliance, shifting investments away from the fossil fuel in an effort to encourage decarbonisation. Since 2015 the company's investment branch, Aviva Investors, has also invested £5 billion in green assets.
Its first solar PV fund closed in 2015 having raised £131 million of commitments for UK solar investment. In 2017, it added over 1.6MW of rooftop solar to its portfolio after acquiring over 200 arrays from Downing for £5 million.
Most recently, its commitment to solar power was emphasised by the completion of its 608kWp solar carport at Aviva’s Norwich site.