Published date: 14 May 2024

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 5 April 2024, 12pm

Contract summary

Industry

  • Insurance consultancy services - 66519310

Location of contract

United Kingdom

Value of contract

£1 to £40,000

Procurement reference

OREC001-DN715350-94083471

Published date

14 May 2024

Closing date

5 April 2024

Closing time

12pm

Contract start date

1 May 2024

Contract end date

31 March 2025

Contract type

Service contract

Procedure type

Open procedure

Any interested supplier may submit a tender in response to an opportunity notice.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

This project intends to build on previous work completed, which explored project finance and insurance for FOW. This work focused on examining the current views and proposed approach of the insurance community to insuring FOW projects. Findings from the project highlighted areas of critical significance to insurers which this project can utilise in helping to determine the technology options and specific key risks to consider. The project will consider representative sites based on planned developments of both early small scale and future large-scale FOW. As seen in fixed-bottom, lessons learned and data shared from earlier small-scale FOW projects will help to influence insurers' approach to later large scale projects.\r
Building on this previous work, this project aims to quantify the financial implications of these key risks. Specifically, to outline the potential frequency of claims, the impact/size of claims and the activities in terms of cost and resources which will be required to resolve them.\r
This project has the opportunity to provide valuable findings to key stakeholders and wider industry to support the development of FOW. By assessing the areas of critical concern for insurers and identifying ways to mitigate and fill these existing gaps in coverage, the project will outline viable pathways to insurability for commercial scale FOW projects.\r

More information

Previous notice about this procurement

Floating Offshore Wind Insurance

  • Opportunity
  • Published 13 March 2024

Award information

Awarded date

10 May 2024

Contract start date

13 May 2024

Contract end date

12 May 2025

Total value of contract

£38,125

This contract was awarded to 1 supplier.

Renewable Risk Advisers Ltd

Address

2 Old Bath Road,
Newbury,
Berkshire,
England,
RG14 1QL

Reference

None

Supplier is SME?

Yes

Supplier is VCSE?

No

About the buyer

Contact name

Sheena Thomson

Address

Inovo
121 George Street
Glasgow
G1 1RD
United Kingdom

Telephone

+44 7425657551

Email

procurement@ore.catapult.org.uk

Website

https://www.ore.catapult.org.uk