Webinar: Offshore Floating Wind Insurance25.10.22, Education
The Cefor Offshore Energy Forum presented a webinar on the possibilities and challenges of offshore wind insurance in a maturing market on November 28, 2022. The speakers: Bin Wang of the Norwegian Hull Club, and Gry Bratvold and Preben Berge Helverschou of KVALE Advokatfirma DA.
The offshore wind market is expected to expand considerably in the coming years, and we will e.g. see the start of commercialization of floating offshore wind. This creates new possibilities for energy companies, suppliers, shipowners and insurers alike. To date, distinct features of the offshore wind market are tight margins and the influence of onshore contractual traditions in an offshore environment, resulting in a risk profile which is different than in the oil & gas market. The question is therefore how the insurance market should approach and adapt to this maturing market in the coming years.
In this webinar, the offshore wind market was examined from an insurance perspective, and some of the issues regularly seen in offshore wind contracts were addressed. There are a number of pitfalls, which can have a significant impact for the risk profile undertaken by insurers underwriting policies. The aim was to highlight some of the key issues and provide some thoughts on how the insurance market can address these issues going forward.
The webinar will count towards the requirements under the Insurance Distribution Directive (IDD) and will comprise of 1.5 teaching hours of continuing professional development (CPD) training in the field of marine, energy and insurance law.