Insuring Your Wind Farm
Each wind farm is unique it is design, placement, and operation. While every wind farm is built to generate electricity by harnessing the wind, they are very unique structures that each require unique insurance coverage. There is a lot that goes into assessing risk with a wind farm, and our business experts have gathered the necessary experience to make your wind farm as productive as possible.
The Risks Of A Wind Farm
One of the primary risks any power generating facility faces is making sure it has reliable lines of distribution to its clients. Even if the wind farm is on a corporate site and only serves one corporation, it is still that corporation’s only source of electricity. One minute of lost power means a lot of lost money, and wind farms need to avoid any problems with their distribution lines.
While a wind farm does not burn coal or wood, there are still plenty of operational hazards that need to be considered. Stored electricity can become a problem, and damaged turbines can become unpredictable.
New construction materials and methods are constantly being developed for wind farms, and this rapid development pace comes with a variety of risks. As the technology for building wind farms advances, the need to assess and protect against risk increases.
Types Of Wind Farms
The most common type of wind farm are onshore utility wind farms that generally service a select geographic area. These are usually built on the highest parts of very windy areas and can often be seen for miles around.
If there are not good areas to put a utility wind farm onshore, then they can be built offshore. Introducing the element of building offshore creates a whole new set of risks that have to be assessed and properly planned for.
Industrial or commercial wind farms are those built specifically for a single location. A factory might want to avoid buying electricity off the grid, so it builds its own wind farm. If the farm produces enough power, the company can sell it back to the public grid and create another revenue source.
Protecting Your Wind Farm Asset
Since every wind farm creates a unique situation, you need a risk assessment company that is familiar with the unpredictable nature of these types of power generation stations. Wind is not a reliable energy source, but it is one of the cleanest energy sources in the world. The technology necessary to harness that power and the administrative structure needed to distribute the power all carry very different types of risk.
If you own a wind farm, then you are familiar with the types of unique risk you face every day. Even the thought of expanding your wind farm can create a list of issues that must be addressed. Your best bet is to talk to one of our experienced business experts and make sure that you get all of your risk taken care of before you put your wind farm online.