Cyber insurance is used to protect businesses and individuals from risks related to Internet connectivity, including malware, ransomware, DDoS and hacking. Cyber insurance may include first party coverage of devices, systems, hardware, software and buildings that are exposed to attack or corruption. Cyber insurance may also include third party coverage for others who have been harmed by the errors and omissions or failure to properly secure personal data by service providers.
Energy savings insurance is used to protect businesses and individuals from performance shortfalls related to investments in energy conservation measures or renewable energy, such as solar or wind. Energy savings insurance is for large scale energy efficiency, solar, wind and fuel cell projects can help free up debt and investment capital from banks, institutional and private investors. Energy savings insurance policies should include specific coverages and language that ensures capital providers are protected in the event a renewable energy technology or energy efficiency project does not perform as projected.
Who is insured?
Energy savings insurance insures the developer, investor, or lender, in an energy efficiency or renewable energy project. The project developer may secure the insurance and name the investor or lender as additional insured in the event of a covered loss.
What does Energy Savings Insurance cover?
Energy savings insurance should protect the owner/developer, investors and lenders in the renewable energy project from shortfalls in performance. Energy savings insurance may be manuscripted to protect against technical or mechanical failure of a renewable energy technology or in the event that the manufacturer is unable to service their product due to bankruptcy.
Environmental insurance, also known as pollution coverage or pollution insurance, is used to protect against types of pollution damage, including toxic spills, air pollution, substances, and contamination. Environmental insurance policies can include first and third party coverages for property, bodily injury, cleanup costs and business interruption. Environmental insurance General liability policies exclude most pollution losses leading to the need for specialized coverage in the form of environmental liability insurance.
Property insurance is first party coverage that provides protection against common risks such as fire, water damage, theft and specialized risks such as earthquake, flood and terrorism.