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GCube predicts “further growth” in wind energy sector


October 12, 2016   by Canadian Underwriter


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Lloyd’s coverholder GCube Insurance Services Inc. announced Wednesday it now provides coverage for more than 4 Gigawatts of Canadian wind energy assets.

Wind turbine farmThe company stated in a press release it is “confident” that it will “continue to see further growth in the sector.”

“Experienced risk and insurance managers understand the importance of supporting their colleagues to reduce unscheduled downtime and sustain profitability,” stated Jatin Sharma, GCube’s head of business development. “This peer group, notably those that are expanding beyond wind into solar PV, has taken the greatest interest in GCube’s technical reports, which analyse lessons learned, emerging risks and key claims trends.”

GCube Insurance Services is an approved Lloyd’s coverholder and participates in the market with parent firm GCube Underwriting Limited.

“GCube is further supporting Canadian project operators with its tailored Weather Risk product, designed to mitigate the impact of resource volatility, which has severely impacted wind operators in the United States,” GCube stated Wednesday.

With its Windpro coverage, Gube states on its website that it insures developers, contractors, owners and operators among others.

Its coverages includes general liability, ocean transit all risks, construction all risks and operational all risks (including mechanical and electrical breakdown, physical damage business interruption and contingent business interruption), among others.