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Aon launches Power Lifecycle Program for gas power projects
The new solution is designed to cover up to USD 2.5 billion of erection all risks and delay in startup, addressing coverage gaps when insurance is placed separately by project stage.
Aon, a global insurance and reinsurance broker and risk advisor, has launched an integrated insurance solution called the Power Lifecycle Program, or PLP, aimed at conventional gas power projects.
HousingWire reports that the program is structured to provide coverage across interconnected risks from construction through testing and commissioning, into early operations, including loss or interruption at any stage that can affect schedules, financing commitments and anticipated revenue.
Aon said its lifecycle model is meant to replace a series of disconnected insurance placements with a single coordinated risk transfer strategy, with the goal of improving continuity of coverage and capital efficiency.
The solution is described as offering up to USD 2.5 billion in erection all risks and delay in startup per project, plus coverage for construction, testing and commissioning periods, and operational property damage and business interruption per project.