Forced, unplanned or accidental outages are significant financial events for electric and gas utilities and their insurance companies.
Not only can such outages prevent utilities from fulfilling their service contracts, but they can also generate soaring expenses when they require utilities to purchase energy from spot markets.
Insurance for forced or unplanned outages can provide valuable financial protection, but insurance and claims executives need to be aware of several issues that can give rise to coverage disputes.
|Unique insurance products
Policies that insure against losses arising from these kinds of outages are unique insurance products. They tend to have primarily first-party insurance components to them, but in some cases may have liability aspects as well. These insurance products can also be uniquely tailored to a policyholder’s business risks.
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