Terrorism Buy-Back

The offshore wind industry is typically subject to an exclusion of war and terrorism perils, with the possibility that the terrorism perils can be bought back.

If incorporated, this Terrorism Buy-Back insurance is typically embedded within the CAR and OAR insurances, and is typically for offshore assets predominantly, but may be occasionally applicable to onshore transmission assets as well. Given recent events, the subject of insurance for perils such as war, civil war, terrorism, and sabotage has been the subject to much recent discussion and debate in the insurance industry. As such, one of the best places to get up to date guidance and what is possible to be bought back is the Joint Natural Resources Committee document JNRC2022-037.