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Solutions

Offshore windfarm projects

Supporting more than 24 gigawatts of offshore wind projects worldwide, our team of global specialists understands the challenges you face and offers tailored risk management solutions at every stage of your project.

Comprehensive solutions

Access to global insurance markets, bespoke policy wording, and risk allocation strategies that suit your project partners and stakeholders.

Sophisticated risk modelling

Insightful data and proven proprietary modelling tools give you control and help optimise your total cost of risk.

Deep expertise

Our advisers, engineers, brokers, claims advocates, and finance and commercial specialists will help you manage complexity and stay in control of your project.

Wind energy is set to lead the clean energy transition and become one of the world’s most important energy sources. Locating windfarms offshore has many advantages, such as steadier and faster wind speeds, but it also presents unique challenges.

As the energy transition accelerates and wind technology continues to evolve, investors, operators, and insurance markets will be focused on managing key risks and ensuring offshore windfarm project success.

The primary risk considerations include:

  • Location. A project’s location could increase construction or maintenance costs, or expose assets to extreme weather or natural catastrophe events.
  • Equipment faults. Common offshore wind technology issues include damage to cables and outages caused by transformer failures, which may lead to revenue losses and affect return on investment.
  • Technology scale-up. Wind turbine technology is still evolving. Insurance markets often take a cautious approach to ‘unproven’ technology advancements.
  • Maintenance. Restricted access to remote sites may cause delays to maintenance and fault repairs, and local regulations may define requirements for contractors and maintenance crews.
  • Project financing and insurability. Lender-financed projects can have complex contractual structures. Investors must use an appropriate risk allocation model, consider probable loss scenarios, and align insurance requirements of all stakeholders.

Read our full guide on risk management solutions for offshore wind projects.

Marsh provides you with a tailored approach and comprehensive solutions

We understand that every project is unique. Our team will support you through each project milestone to optimise your risk management strategy.

Design

Position your project for success

  • Engineering support
  • Technology analysis
  • Loss modelling
  • Stakeholder management
  • Insurance budgeting

Construction

Get it built

  • Supply chain analysis
  • Health & safety strategy
  • Operational insurances
  • Hand-over to operations

Operation

Protect your assets and your business

  • Risk management framework
  • Captive strategy
  • Loss limit reviews
  • Specialist claims services
  • Decommissioning planning

Decommissioning

Close it out responsibly

  • Risk and liability review
  • Ongoing insurance

Our people

Our global renewable energy team includes insurance advisers, risk engineers, brokers, claims advocates, project finance specialists, and former industry risk managers. Contact one of our offshore wind leaders for support.

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Jane Smith

Head of Energy and Power, Pacific

  • Australia

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Gemma Claase

Head of Renewable Energy, Energy & Power Practice

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. LCPA 23/205

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”