We've been hearing a lot about renewable energy lately, and interest in alternative energy options appears primed to explode in the years ahead. On Thursday, November 15, I joined a panel of experts for the A.M. Best webinar series, “What Insurers Need to Know about Covering Evolving Renewable Energy Applications,” sponsored by Mutual Boiler Re. The webinar has now been posted to the A.M. Best website and is available via this link:
Currently, renewable energy alternatives — from solar panels to wind turbines — are becoming an ever more important means to achieving energy self-sufficiency. Financial incentives are making the installation of these technologies more affordable, and material engineering has improved unit efficiency. In view of the growth of the market, our panel discussion explored the potential for increased exposure and some simple steps to manage the risk.
As the discussion wrapped up, panelists were in agreement that one of the most important things insurers need to do is educate themselves on the fundamentals of renewable energy technologies. Next, insurance professionals must understand whether their clients already employ renewable energy solutions or are planning such an initiative, which can be the key to avoiding unpleasant surprises at claims time.
Watch the discussion to learn more about this important emerging issue and understand the unique exposures that exist.