NorthStandard, a major global marine insurer, is teaming up with NIORD, a specialist in renewable energy insurance, to offer more and better coverage for offshore wind farms.
NorthStandard and NIORD Join Forces to Boost Offshore Wind Insurance
NorthStandard, a major global marine insurer, is teaming up with NIORD, a specialist in renewable energy insurance, to offer more and better coverage for offshore wind farms.
Here's the deal:
Starting January 1st, 2025, NorthStandard will provide an extra US$30 million to insure offshore wind farms, both the fixed kind and the newer floating ones. This boosts NIORD's total capacity to US$160 million, making it easier for wind farm developers to get the insurance they need. The partnership will also develop new types of insurance specifically for the offshore wind industry.
Why is this important?
More capacity: This means more money is available to cover potential losses, giving peace of mind to those investing in and operating wind farms. Expert knowledge: NorthStandard brings its long history in marine insurance, while NIORD has deep expertise in the renewable energy sector. Growing market: The offshore wind industry is booming, and this partnership will help it grow even faster by providing the necessary insurance backing.
What they said:
NorthStandard: This partnership shows our commitment to supporting the growth of clean energy. We're excited to work with NIORD and use our expertise to help this vital industry thrive. NIORD: We want to be the top insurer for offshore wind farms and other renewable energy projects at sea. Working with NorthStandard gives us the strength and expertise to do that.
This partnership is a big win for the offshore wind industry, making it easier and more secure to invest in clean energy projects at sea.
