The Dogger Bank wind farm.
Photo: DoggerBank.com
Photo: DoggerBank.com
Around 130 km (81 mi) off the Yorkshire coast, construction has begun to build the world’s largest multi-field offshore wind farm to provide up to 5% of the UK’s total energy needs by 2026. AGCS is leading the insurance coverage for the three-phase construction project.
As long ago as 2010, the Dogger Bank, an ancient sea-bank in the North Sea, was selected as an ideal spot for offshore windfarms due to shallow waters which allow for fixed-foundation turbine installation. At greater depths, considerably more expensive floating wind turbines would be required. Once finished, the wind farm will be capable of powering 4.5 million UK homes.
Dogger Bank Wind Farm is a joint venture partnership between SSE Renewables, the UK’s leading developer and operator of renewable energy, and Equinor, one of the world’s largest offshore operators, each with a 40% share, and the ENI Group, an Italian oil and gas multinational, at 20%.
The Dogger Bank A and B fields will be comprised of 190 General Electric (GE) Haliade-X 13 MW wind turbine generators (see box) – at 853 feet almost as tall as the Eiffel Tower. Demonstrating an impressive step forward in offshore turbine technology this machine will be a key contributor towards the UK government’s targets for green energy transition.
“Over the last 18 months, the offshore wind insurance market has seen many changes,” says Peter Hubbard, Underwriter, Energy and Construction, at AGCS. “In stark contrast to the over-placed soft markets of old, the new normal has been multiple split terms and conditions and pricing. With so many differences, many can be left without a clear understanding of the overall coverage in the event of a claim. AGCS took this opportunity to establish a new benchmark market offering. This was achieved by working in close collaboration with risk consultants, customers, the broker and AGCS’ Crisis Management-Political Violence team.”
AGCS leads on both DBA (defense base act – insurance for US contractors working abroad) and DBB (design-build and bid – insurance against damage to the structure during construction) and the first year of operations.
Title photo: iStock
Facts & figures
- 190: Total number of wind turbine generators in both farms
- 52,000: Number of metric tons of CO2 savings per generator – the equivalent of emissions generated by 11,000 vehicles in one year
- 4.5mn: Number of UK homes powered
- 853ft: Height of wind turbine generators
How the Haliade-X compares
The Block Island offshore wind project is the first commercial offshore wind farm in the US, situated off the coast of Rhode Island in the Atlantic Ocean. Source: GE, Vox research
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Further information
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This article is part of the our Global Risk Dialogue. Appearing twice a year, Global Risk Dialogue is the Allianz Global Corporate & Specialty magazine with news and expert insights from the world of corporate risk.
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