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ORTECH has a long history of auditing, appraising and evaluating renewable energy facilities and energy storage projects across Canada. This covers all solar power, wind power, biomass, hydro-electricity projects including energy storage facilities. This experience lends itself very well to assisting both insurers and asset managers with insurance issues. For insurers, ORTECH can help with initial appraisals and with validating claims. For asset managers, we can help reduce your insurance premiums by determining your actual replacement costs. As engineers who speak finance, our team has worked on over 1200 renewal energy projects in the last nine years.
There are a number of reasons to be engage ORTECH on your next insurance issue or project.
- With a specialized process for due diligence, ORTECH’s experience spans multiple renewable energy technologies including solar, wind, small hydro, biomass, and the energy storage market (batteries, flywheel, hydrogen and compressed air).
- Our team has worked on over 535 compliance audits of renewable energy facilities for provincial regulators, and provided technical and financial due diligence to lenders and investors for over 600 renewable energy projects.
- Having trained auditors allows for faster turnarounds on project deadlines.
- ORTECH has a team of engineers that understands renewable energy capital and operating costs, and financial models.
Our team can provide you with the following assistance:
For Insurance Companies:
- Initial project appraisals: determining if the project has been commissioned correctly, determining if the forecasts match up with the operating logs, reviewing the ability of the project to meet its financial obligations, e.g., debt repayments
- Claims Support: ORTECH can review claims including their validity, the amount of loss that is claimed, and the revenue loss due to disruption of operations.
- Replacement Cost: ORTECH can review existing replacement cost values or develop new ones for ever-changing markets, including removal or disposal of existing or non-operational equipment.
For busy Underwriting departments, ORTECH has been successful at turning around projects quickly and even developing new, more efficiency processes when working with various clients. Our experience and knowledge will allow a claims manager or underwriting executive to make the right decisions.
For Asset Managers:
- Replacement Cost: ORTECH has been engaged to develop new or updated cost information for asset managers when their insurance has to be reviewed. Our clients find they get less resistance to reduction in premiums when a third party independent engineer’s report accompanies their insurance application.
- Claims Management: Determining claimed expenses can be tricky. You want to be made whole but determining the costs and proving them is difficult. ORTECH’s reputation and experience allow the insurance company to recognize the validity of the costs. It generally speeds up the process when the insurance company understands your efforts to generate a valid and realistic value for your claim.
With the costs of building renewable energy projects declining and the constant pressure to improve returns on investments on your renewable energy facilities, it is best practice to review the value of your facilities and go to the market for insurance estimates every couple of years. Your premiums are linked to value of your facilities, so it is always good to hire an independent consultant to provide you with a proper valuation, supported by current data. You should discuss any changes to your insurance policy with your debt financing firm.
ORTECH looks forward to speaking with you about how we can assist you with your renewable energy insurance needs. For further information, please contact Michael Tingle.