Deep Geothermal Energy
Geothermal energy can provide base-load power, is low carbon, and, according to recent studies, is inexhaustible. It is always available for consumers – around the clock, whatever the weather, all year round. Deep geothermal energy projects are implemented to supply whole towns and districts with heat. They are used, in many cases, for generating electricity.
According to the 2011 IPCC report, the 4,000 TWh of electricity and 2,000 TWh of heat which can be found in the top five kilometres of earth’s crust in Europe contain enough energy to cover the entire annual consumption. Furthermore, geothermal energy can be combined with wind and solar energy to great effect. Due to geothermal energy’s ability to provide base-load power, using just five per cent of this potential would be enough to stabilise power grids with a supply of wind and solar energy.
In the sector of geothermal energy, the demands placed on risk and insurance management have risen exorbitantly in recent years. NW Assekuranz has been working on bespoke and innovate insurance solutions for the particular risk situation which geothermal energy projects bring. We make our expertise available to the entire exploration industry.
NW Assekuranz’s services include:
- Actuarial analysis of supply and service contracts, participation in award and contract negotiations on the issues of liability, risk, warranty, insurance obligations (clauses), and country risks
- Identifying, analysing and checking the insurability of risks arising from contractual commitments with recommendations and suggested formulations regarding the drafting of insurance clauses in national and international supply and service contracts
- Active risk and insurance management – from the project preparation/construction to the operation
- Conceptual design of international project insurance coverage that satisfies all parties, in particular taking into account contractual supply agreements and the requirements of investors and international banking consortia
- Transparent tendering and placement of insurance concepts/policies on international insurance markets; ongoing support and adjustment of insurance coverage to changing market conditions (e.g. § 17 e of the German Energy Industry Act (EnWG))
- Competent assistance and rapid settlement of claims, including the necessary reports for investors/financing banks
- Insurance consultation: insurance due diligence for banks and investors
- Technical risk assessment and support of a warranty surveyor
The realisation of major projects of this kind depends largely on the size and quality of the insurance coverage. Complex risk situations, multi-contracting, negotiations convened at short notice with international partners and negotiating optimal insurance solutions for the global insurance and reinsurance markets are our daily business.
Please get in direct contact with us by phone: +49 (0)421 989607-0. Instead you can also leave a message here and we will call you back promptly.