The 2024 installment of NIORD’s London Wind Academy on Wednesday 13th November saw around 150 attendees – including clients, potential clients, brokers, capacity providers, reinsurers, and competitors – gathering in the surroundings of Lloyd's. Their aim? ‘Enabling endless energy, together’! 

It was made clear that the financing of new Offshore Wind Projects is fully dependent on adequate insurance of a projects’ assets, income and liabilities. As such, NIORD’s ambition is to keep contributing to the development of predictable, sustainable and competitive insurance product provision for the global Offshore Wind Industry. A key factor in achieving such an aim is knowledge sharing; we’re pleased that London Wind Academy 2024, following on from Bergen Wind Academy in June, was an event where the exchange of ideas, insights, experience and learning was in full effect. 

Panel Session
Among the highlights on the day were NIORD’s Chief Underwriting Operator Bin Wang playing the "Insurance Manager" for ClubFloat at the event. He had invaluable support and advice from his expert panel of brokers: Steven Munday - Willis Towers Watson, Jonny Allen - McGill and Partners, Daniel Sim - Aon, Robert Bates - NARDAC. Challenging dilemmas for the insurances of ClubFloat were discussed, such as Minor Works Clause, Serial Loss Limitations, and Policy Extensions. The audience was asked what reasonable compensation would be if one of the windfarm's turbines became a total loss during towage to field. It was very interesting indeed to hear the panel’s view on the feedback received.

Transmission
What challenges and exposures are seen from the insurers in connection to the relation between transmission infrastructure and offshore windfarms, was elaborated on by NIORD Assistant Underwriter Sunniva Hellesund and Senior Underwriter Mats J. Waage.

Major Component Exchange
With floating windfarms, the industry is up against new challenges in relation to major maintenance and repairs. What are the specifics applicable to floating windfarms and what options are there to consider? Vidar Horneland, Senior Risk Advisor at Norwegian Hull Club, Eelko May, Managing Director of LiftOff and Lukas Carbol, Claims Executive at NIORD; examined opportunities and challenges of doing major maintenance and repair involving major component exchanges. Eelko May presented the topic of Opportunities of In-Situ Repair and Main Component Exchange, which has the potential to be a gamechanger for floating turbines.

Please find the questions, summary of dilemmas discussed, presentations as well as the audience's opinions here.