What is the product?

Munich RE1 aims to provide solutions to risks of wind projects along the whole value chain, both on and offshore.

This includes specific covers aiming to protect manufacturers and suppliers; engineering, procurement and construction (EPC) contractors; as well as the ultimate owners and investors of such wind projects against excessive maintenance or warranty costs.

Finally, a lack of wind or wind energy yield cover can provide an additional safeguard for the commercial reliability of the projects.

How does it support green outcomes?

Wind energy, in particular offshore, is crucial in providing a stable energy flow even at times when the sun doesn’t shine.

However, wind projects are very complex, very large and very costly undertakings. Due to their exposed and often remote nature, technological issues can have dramatic effects on the economics of wind energy projects that manufacturers, EPCs and investors often cannot carry themselves.

Munich RE aims to provide insurance protection to not only protect the manufacturers & EPCs, but also to increase the bankability and attractiveness of such wind energy investments.

How does it enable customers today?

Insuring a large warranty programme of an original equipment manufacturer (OEM) for offshore wind can provide the benefits of relieving their balance sheet, facilitating project finance and enabling the OEM to win and execute the project in the first place.