The enduring push towards green energy is one that should receive a continued global embrace. The technology involved is innovative, the requirement for it is essential and the countless other opportunities that it brings to the fore are there to be explored.
One such opportunity for exploration is renewable energy insurance. But what is it, and what is its relevance?
What is Green Insurance?
Providing green energy is a massive undertaking that requires a revolution in the way we as a society produce the energy we need for work and recreation.
The whole energy infrastructure requires an overhaul that includes the construction of energy generators such as wind turbines and hydro-electricity facilities. These, of course, come at a cost. But pioneering them also comes with great risk. Insurance against financial loss and public liability insurance are just two areas that must be considered.
Companies offering green insurance provide protection to companies and individuals who are taking on the task of fighting for a greener future.
The Green Energy Landscape
This new niche in the insurance industry is wide-ranging and offers security not just for big business, but for smaller enterprises and individuals alike.
Many new-build homes and renovations to older properties, for example, are using technology such as solar panels and bespoke storage systems to generate energy. Such technology can be expensive and insuring it against damage or malfunction is a sensible way to prevent the unexpected expense of repair or replacement.
Large companies, meanwhile, will need to look at a range of insurance products to protect the activities in which they are involved. Not only do they need to protect their investment in energy plants and the equipment needed to produce the green energy, they also need to protect the money, processes, personnel and logistical factors that feed into their projects.
Demand for Protection
As the demand for green energy continues to grow, so must the providers of that energy. This means that insurance companies are obliged to create products to accommodate this growth.
Protecting ourselves and the environment in which we live needs to be done responsibly. Green insurance becomes a relevant issue when we consider the safest and most effective way to enact this protection.
Insuring the people, places and equipment needed to produce green energy is, in a sense, insuring ourselves and our future.
Taking this experience and mixing in his passion for journalism, Luke has gone on to work for himself, writing Freelance financial news pieces.He has produced detailed reports on stock market movements as well as financial current affairs articles for a number of high profile online publications.You can contact Luke on Luke.HatkinsonKent1@gmail.com.