Floating Offshore Wind Insurance

Award outcome

Description

This project intends to build on previous work completed, which explored project finance and insurance for FOW. This work focused on examining the current views and proposed approach of the insurance community to insuring FOW projects. Findings from the project highlighted areas of critical significance to insurers which this project can utilise in helping to determine the technology options and specific key risks to consider. The project will consider representative sites based on planned developments of both early small scale and future large-scale FOW. As seen in fixed-bottom, lessons learned and data shared from earlier small-scale FOW projects will help to influence insurers' approach to later large scale projects. Building on this previous work, this project aims to quantify the financial implications of these key risks. Specifically, to outline the potential frequency of claims, the impact/size of claims and the activities in terms of cost and resources which will be required to resolve them. This project has the opportunity to provide valuable findings to key stakeholders and wider industry to support the development of FOW. By assessing the areas of critical concern for insurers and identifying ways to mitigate and fill these existing gaps in coverage, the project will outline viable pathways to insurability for commercial scale FOW projects.

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