Naturesave Launches the UK’s First Small Scale Renewable Energy Systems Insurance Cover
(PRWEB UK) 2 October 2011
Naturesave, which won the Queen’s Award for Industry earlier this year, will provide the radical new policy from early October, which will cover Renewable Energy Installations for schools, small businesses and community organisations – and guarantee green energy revenues.
The only cover of its kind in the UK, the Small Scale Renewable Energy scheme has been set up to ensure that organisations and businesses, who have installed green energy systems, have access to realistic and affordable cover for the equipment and guaranteed protection for the revenues they earn in the event of mechanical breakdown or material damage, as well as public liability.
There has been increasing commercial interest in installing renewable energy systems, following the introduction in April 2010 of Feed-in Tariffs (FITs) for renewable energy. Technology is becoming more efficient and affordable, and businesses, community organisations and schools are now seeing the benefits of renewable energy in terms of cost savings as well as reducing their environmental impact.
Matthew Criddle, Managing Director, comments, ‘Naturesave has been at the leading edge of ethical and environmental insurance for 18 years, as has been acknowledged by our recent Queens Award for Enterprise Award, the first insurance provider in the UK to win for Sustainable Development. This new product follows on from our launch earlier this year of the UK’s first Household Renewable Energy policy and is a natural next step. We are pleased to be able to include this additional cover and understand that it is the only product of its kind in the UK.’
Cover will be provided for organisations with those types of renewable energy installation (eligible for FITs) including wind turbines, solar photovoltaics and hydro systems. At this stage cover will be available on systems up to 750 kW, for either individual systems or as part of a group of project sites, which are individually less than 750 kW.
More information can be found on the website: http://www.naturesave.co.uk
FURTHER INFORMATION
Under the Feed-in Tariff scheme, payments are made to organisations and communities who generate their own electricity from renewable sources such as solar electricity (PV) panels, wind turbines or hydro systems. The scheme guarantees a minimum payment for all electricity generated by the system, in addition to separate payment for the electricity exported to grid, and any savings made on the electricity bill by using the electricity generated. The monies paid depend on the type of renewable energy system and the amount of electricity produced. These payments are in addition to the bill savings made by using the electricity generated on-site. A typical small business could expect to save around £1,200 per year on average by installing a 4kw solar PV roof mounted system costing £12,000. The income is guaranteed for 25 years.
The policy covers renewable energy systems against:
● Material damage to (lightning, storm, theft, impact, vandalism etc)
● Machinery breakdown (over and above that covered by any existing warranty)
● Loss of revenue (caused by material damage or machinery breakdown)
● Public Liability insurance (third party property damage and bodily injury)
More information about Feed-in Tariffs and the levels for each type of renewable energy system can be found on the Department of Energy and Climate Change website: http://www.decc.gov.uk/en/content/cms/what_we_do/uk_supply/energy_mix/renewable/feedin_tariff/feedin_tariff.aspx
● Naturesave Insurance is the UK’s only specialist ethical insurance provider which allows clients to protect themselves and the environment via a range of innovative insurance policies.
● Naturesave won the Queen’s Award for Enterprises in 2011 for Sustainability.
● Naturesave has become the preferred insurer of top Tibetan monks, Grand Designs Householders and Nelson Mandela’s charity 46664 – who asked the company to insure his 90th birthday celebrations in Hyde Park! As well as many environmental and conservationist companies and organisations throughout the UK.
● Naturesave was set up in 1993 by eco and insurance industry expert Matthew Criddle (ex-Lloyds of London) and is based in one of the world’s most famous transition and eco towns, Totnes, to provide a vehicle for sustainable practices, using insurance. Naturesave counts the Transition Town movement as one of its clients throughout the UK.
● It’s charity arm, The Naturesave Trust, has invested over £240,000 in eco projects since it began. Naturesave Insurance is the UK’s only specialist ethical insurance provider which allows clients to protect themselves and the environment via a range of innovative insurance policies.
How Naturesave differs from other insurance companies:
1. 10% of the premium from Naturesave’s household buildings and contents policies go into the Naturesave Trust, which provides grants for environmental and conservation projects. There are also eco living discounts offered for clients who are already making changes to their energy consumption.
2. When you take out a commercial policy, an advisor will offer to visit your business premises to conduct a free environmental survey, and recommend how your working practices could be made more energy efficient and environmentally friendly.
3. Naturesave also acts as a lobbying force, advising and influencing insurance companies on how they can encourage the adoption of sustainable practices.
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