Subsea Power Cable Risk Solutions

As demand for power increases, the reliance placed on subsea cables makes them critical infrastructure. WTW possesses robust expertise in subsea cable risk management and is well-equipped to assist you in developing a tailored program that aligns with your company's specific requirements, ensuring effective risk mitigation and optimal operational outcomes.

The global momentum towards a greener and sustainable future has amplified the importance of renewable energy sources. Efficiently transferring this clean energy from generation points to end consumers presents a distinctive challenge. This is where subsea cables come into play as increasingly important enablers for transferring renewable energy to it’s intended recipients.

Whether your assets include:

Interconnectors – HVDC and/or HVAC cables linking two electrical grids together

Offshore transmission owners/export cables/inter-arrays – cable infrastructure linked to renewable energy assets

Electrification – cables used to offer electrical solutions to offshore platforms

WTW can help – we have a proven record of delivering leading insurance programs for principles and contractors, with some of the most advanced technologies in the world.

Our subsea cable risk services

Our services include (but not limited to):

• Consultancy support: contract negotiation, contractor tendering, third-party contractual exposure
• Risk engineering support
• Risk and analytics advice
• Resolution of complex and disputed claims
• Risk transfer execution.

Subsea cable risk transfer

After working with you to make sure you have effective risk mitigation, we optimise risk transfer programs for:

• Owner controlled insurance programs (OCIP)
• Contractor controlled insurance programs (CCIP)
• Umbrella programs covering a difference in conditions, difference in limits and/or difference in deductibles between an OCIP and contractor requirements.

WTW is a market-leading risk advisory company while also a leading specialist insurance broker. The following are some example insurance lines that we can arrange risk transfer for:

• Construction All Risks/Erection All Risks
• Operational Property
• General Liability
• Environmental Liability
• Cargo
• War and Terrorism
• Cyber.

Our approach to subsea cable risk management

1. 01

   Understand your project through technical analysis of project exposures and contractual reviews.

2. 02

   Determine the unique and customised needs of your project, including risk mitigations, risk tolerances and ultimately risk transfer.

3. 03

   Negotiate a draft insurance program to be reviewed by you and your contractors for each line of insurance.

4. 04

   Deliver a program that meets rigorous standards and is mutually agreed upon by all stakeholders.

5. 05

   Optimise and continuously enhance your risk transfer placements throughout your project life cycle, all the way through to decommissioning at the end of the asset’s life span.

Our key added value

Solutions designed specifically for your needs

Every project is unique, and as a result, each risk transfer solution must be tailored accordingly.

The subsea cable industry is advancing with the development of new cable types, installation of cables at greater depths, increased capacity for cable transportation on vessels, and production of longer cable lengths, surpassing previous capabilities. The risk transfer and risk advisory functions at WTW possess extensive experience in understanding and addressing the exposures associated with these advancements.

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  Risk engineering specialists available as a reference point for technical advice.

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  Program Design specialists who work with you to ensure your contractual arrangements are covered while receiving the optimal risk transfer solution.

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  Claims specialists with experience, having settled some of the insurance markets largest sub sea cable claims and with established links to marine warranty surveyors and loss adjusters.

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  Wording specialists who create a policy form that is bespoke to your exposure as no one project is the same.

We specialise in crafting customised and personalised risk placements, ensuring tailored solutions that address specific risks effectively.

Global Reach, delivered locally

Our global team of specialists are strategically positioned to provide localised delivery of tailor-made solutions. So you can take full advantage of our extensive network and localised expertise for maximum benefit.

We have access to extensive global knowledge on the subsea sector, which we readily share with our clients through our established local relationships. This ensures that our clients receive up-to-date and relevant insights about the subsea industry, tailored to their specific needs and delivered through our well-connected network.

As a unified team, we collaborate seamlessly to meet your project needs. This means that at any given moment, a dedicated professional from anywhere in the world could be actively working on your programme, ensuring that you receive excellent service and results.

Disclaimer

WTW offers insurance-related services through its appropriately licensed and authorised companies in each country in which WTW operates. For further authorisation and regulatory details about our WTW legal entities, operating in your country, please refer to our WTW website. It is a regulatory requirement for us to consider our local licensing requirements.