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Power Production
In today's competitive power industry, it matters little whether you deal in gigawatt hours, tons or BTUs. What counts is your ability to harness power and distribute it in innovative, economical ways.
Did you know that one out of two businesses that suffer a major property loss never recovers because they are unable to rebound quickly enough to regain their competitive position in the marketplace?
As deregulation and privatization take place in the energy market, you cannot afford costly downtimes and lost revenues. Your plan to financially protect your plant and operations against loss is a critical part of your success model.
With the scope of the power industry ever expanding, Chubb continues to work with its agents, brokers and customers, on a worldwide basis, to develop the products and services your industry needs. And as your own business changes and grows, we'll keep on unleashing the power of insurance to help protect you from loss.
Power Production Property Insurance
Whether you operate a large combined cycle co-generation facility or a small waste-to-energy plant, Chubb's Power Production Property Insurance coverage can be tailored to your needs. Using Chubb's own service-oriented, multinational risk network, the underwriter meshes your locally admitted and global insurance programs to help avoid gaps in coverage.
Our broad and responsive "all-risk" property insurance coverage has some of the highest coverage limits in the industry, automatically protecting you against the exposures you face:
- Machinery breakdown insurance may be the biggest exposure you encounter, and our package policy can cover loss or damage to equipment due to mechanical breakdown, electrical arcing and steam explosion.
- Extra and expediting expense insurance helps you pay for the costs of getting your plant back into operation following a loss, damage or breakdown
- Contingent business income insurance protects you against a loss if one of your key suppliers or customers cannot operate due to a property loss
- Transit insurance enables you to pay for repairs to equipment damaged while being transported to or from your site
- Extended business income insurance provides you up to 12 months to get your operation back to the level that existed prior to the loss
- Loss to physical assets (e.g., turbines, boilers, transformers and powerhouses)
General and Third Party Liability
Coverage is available for operations that range from 10MW to those over 1000MW. Protection includes liability resulting from activities at the plant site as well as coverage for the owner and/or operator for any liability arising out of activities at the site. This includes wrap-construction liability outside of the United States.
Pollution Liability
Pollution liability insurance covers third-party bodily injury, property damage and clean-up costs.
Umbrella/Excess Liability
In one single contract Chubb can provide additional liability coverage. Chubb can tailor coverage to respond to complicated and changing organizational structures and provide automatic coverage to new operations - whether in the construction phase or fully operational.
"Facility Financing" Insurance
When developing "soft costs" - for instance, feasibility studies and permitting fees - are significant, lender may require additional insurance to cover such costs in the event of a total loss. This protection can be provided through Chubb's facility financing insurance.
Alternative Risk Transfer (ART)
Chubb works closely with its power insurance customers to ensure the right mix of coverage that helps manage both exposure and costs.
Large deductibles, self-insured retentions and finite risk programs including reinsurance arrangements with captives, are some of the options that Chubb offers under its Alternative Risk Transfer protection.
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