Geothermal Plant Insurance

Whether you are a developer, contractor or stakeholder, geothermal plant insurance protects your investment in geothermal project development from initial permitting, drilling and development through construction and ongoing operation. 

Geothermal power plants share many of the same risks as conventional fossil fuel power plants, including mechanical systems, turbines, generators, transformers and other power generating equipment. 

As such, when considering a geothermal insurance solution, the total cost of risk from a geothermal development project should be considered – including deductibles, self-insured retentions, self-insurance, legal costs, risk management and loss control, claims management and opportunity costs.

Common risks in the development, operations and maintenance of geothermal plants include financial risk from exploration, bodily injury, property damage, equipment breakdown, pollution and lawsuits from nearby property owners. 

Geothermal plant insurance includes, but is not limited to:

  • Commercial general liability
  • Worker’s compensation
  • Property insurance
  • Umbrella or excess
  • Buiilder’s risk
  • Inland marine
  • Business auto
  • Professional liability

The cost of renewable energy is less expensive than fossil fuels, and the demand for geothermal, solar and wind energy is growing faster than ever. 

As a geothermal developer you can ensure the success of your geothermal power plant with expert insurance brokerage and placement, risk management services, coverage evaluation and contractual indemnification.