Danish Insurer Forms Offshore Wind Ties in Taiwan

Taiwanese certification body CR Classification Society has signed a Memorandum of Understanding (MoU) with the Copenhagen-based offshore insurance company Codan to establish cooperation on offshore wind projects in Taiwan.

Under the terms of the MoU, Codan and CR will share offshore wind farm risk management best practices and experiences to enhance both risk assessment skills and capabilities.

Based on this corporation framework, Marine Warranty Surveyor best practices and experiences will be shared as well as Typhoon/Earthquakes Risk Assessments.

The corporation between the two companies is expected to secure in-depth risk management insights and experiences brought to the Taiwanese market and also provide adequate and reasonable reinsurance capacity to the local Taiwanese insurance markets and offshore wind farm developers.

Brendan Reed, Nordic Director for Renewable Energy at Codan, said: “CR Class is very skilled in the maritime sector already and together we can bring detailed risk management insights to the developers active in Taiwan for the benefit of the local industry; from the financing parties involved to the local contractors and ultimately the end users of the electricity produced.”

Codan, part of the Royal Sun Alliance group, insured the first offshore wind farm ever, the Vindeby offshore wind farm built in Denmark in 1991.

”Codan is the leading insurance company for offshore wind globally and CR is delighted to sign the cooperation MOU with Codan. CR has been committed to the local offshore wind industry since 2012 and continues to build offshore wind farm project certification and risk management capabilities which also include investing in resources to further develop assessment models for natural catastrophes. CR would like to further cooperate with the insurance industry in providing Marine Warranty Surveyor services and Offshore Wind Farm Typhoon/Earthquake assessment services,” CR Chairman Donald Chao said.

CR had already signed a long-term corporation agreement with LOC Renewables earlier this year for the development of Marine Warranty Surveying services.

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