GCube launches new stock, storage and transit solution

Phil Pavey appointed to develop increased underwriting capability

London, 2^nd June, 2008 - GCube, the leading provider of insurance services for renewable energy initiatives, today announces the appointment of Phil Pavey to oversee the implementation of GCube's new stock, storage and transit solution. Providing the business with an increased underwriting capability of up to a total of US$250m, the new solution safeguards manufacturers, mitigates project owner risk, and provides effective protection for future revenue streams.

Following rapid growth in the demand for turbines, the specialised insurance product is designed to meet the needs of renewable energy providers as they continue to invest in, and stockpile, components for use in future construction projects.

"Whilst in storage, renewable energy equipment is subject to natural hazards and damage, and this presents a significant business risk for these companies," comments Phil Pavey, Underwriter, GCube. "Traditionally, transit and storage have not been covered by standard project insurance, which normally ceases at the first or second point of delivery. However, with the wind turbine supply industry now stretched, companies are buying turbines and stockpiling them for future use. The development of this entirely new insurance solution is designed to combat this increasing industry challenge - safeguarding equipment irrespective of how long it is stored ready for use and creating added peace of mind."

Fraser McLachlan, Chief Executive of GCube, commenting on the announcement added, "The renewable energy insurance market is expanding, developing and evolving at a rapid pace.

Manufacturers and suppliers continue to make significant leaps forward in product innovation and demand for components and equipment is at an all time high. As GCube continues to meet the needs of manufactures, suppliers, and energy companies alike, we look forward to building our product portfolio in order to best meet the needs of this increasingly influential area of energy generation."

GCube's is currently exhibiting at the WindPower 2008 show in Houston from the 1st - 4th June (Stand 422).

 

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For further information please contact:
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Adam Barber or Roland Godfrey-Davies
Chalk
T - 020 7405 0974
E - http://adam@hellochalk.com / http://roland@hellochalk.com

Richard Carroll
GCube
T - 020 7977 0204
E - Richard.carroll@gcube-insurance.com

About GCube
GCube provides comprehensive insurance services for the renewable energy initiatives. With its offices on both sides of the Atlantic the business has global insurance capabilities in six renewable energy sectors - wind power, biofuels, hydroelectric power, solar power, wave energy and tidal energy.