Floating Power and Industrial Process Units
Floating power & industrial process units
We offer insurance policies for floating power generation (barges or ships), whether through diesel or dual fuel combustion, gas turbine, or steam turbines when operating in combined cycle as well as desalination plants and other barge or ship-mounted industrial processes. We can consider coverage for onshore property and onshore generating when packaged with floating plant or when the insured has other floating interests insured with us.
Who we cover
Owners, operators or managers for operational risks and project construction cover for builders, lead project contractors and buyers or end-users.
Investors, banks and other financial institutions' interests are typically protected against breach of warranty by the named insured through the non-vitiation clause within the policy.
What we cover
The units can be covered during the construction and delivery phases, including testing and commissioning and any incidental onshore construction. business interruption coverage or delay in start-up in respect of operational and construction phases can be provided.
The operational policy can be extended to include:
- Collision liability
- Protection and indemnity
- Machinery breakdown
- Third party public and pollution liability
- Terrorism and sabotage where appropriate.
The construction policy includes:
- Launch or float out
- Towage from yard to deep water where a semi-submersible heavy-lift ship or barge can load
- The barge as cargo until safe discharge at destination
- Towage to final mooring
- Removal of wreck/debris when under tow or when transported as cargo.
- Cover can be provided anywhere in the world on a direct or reinsurance basis depending on local legislation and licensing issues.
We typically offer a capacity of up to $200 Million in respect of operational and construction risks. We may on specific occasions offer a higher capacity depending on the merits of the risk.
Our composite operational and construction policies seek to offer a comprehensive seamless product covering all risks of physical loss or damage to floating or onshore property.
Our policies typically incorporate a Continuous Survey clause which facilitates a closer partnership between the insured and Lavaretus through an annual risk management survey, by a surveyor appointed by Lavaretus. This assists us in improving the risk management level at the plant on an ongoing basis and allows us to differentiate between risks from a technical and underwriting perspective.