Taming insurance claim costs by investigating failures

摘要

Wind-power projects represent significant capital investments of many millions. So it's no surprise that, average claims for wind-turbine failures run between $200,000 and $600,000. With such hefty claim costs, it is important for insurers to understand the root cause of failures to reduce future risks. To fully understand the loss-adjustment process, renewable energy insurance company, GCube has partnered with Romax Technology to conduct forensic investigations of turbine failures. The partnership helps shed light on what contributes to a turbine's overall health, and what extends its life and increases reliability, says GCube. The insurance company says it has participated in all phases of wind farm project development and financing, from inception to the cost of lost electricity production. With claims carrying the large payouts cited, the company needed an in-depth investigator to accurately settle claims. GCube thought Romax a good fit after identifying its independent technical capability, and its understanding of forensics and design issues. Both companies also share similar visions for the proactive mitigation of risk through health-monitoring solutions to optimize risk management strategies. "We wanted to bring Romax's expertise into the process," says Chris Cioni, senior VP for Technical Servces and Claims at GCube. "Not just to simply investigate and repair or replace parts, but to get a better understanding of what causes failures." Romax also offers an unbiased, objective view because both companies share many of the same clients.