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Financial Close The Insurance Review Process 6 th November 2014 Eoin Greene Irish Wind Farmers...
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Transcript of Financial Close The Insurance Review Process 6 th November 2014 Eoin Greene Irish Wind Farmers...
Financial CloseThe Insurance Review Process
6th November 2014Eoin Greene
Irish Wind Farmers Association Annual Conference 2014
6th November 2014 – Hotel Kilkenny
Introduction• The Crotty Experience• Financial Close Timeline• The Advisors• Facility Agreement - Insurance • Contract Reviews• Issues• Recommendations• The Crotty Team• Thank-you
Crotty Experience• 20 years in Business• Team has experience dating back to 1996• Projects from 1mw to 240mw projects• Ireland/UK/Europe/The Americas/Africa• International Collaborations• International contract Oversight• Last 12 Months
- 15 Owner / Developer Projects- 5 Bank Reviews
Financial Close Time Line
• 4-6 Months (it has been done in 6 weeks)• Contract Review 2-3 months completed before Credit
Committee• Due Diligence Report Issued• Credit Committee Approval – 3 weeks from close• Insurance Placement dates in line with project Timeline• Broker Documents issued on Final Day
The AdvisorsOwner/Borrower• Owner Liaison• Legal• Technical• Insurance
Bank/Funder• Bank Co-ordinator• Legal• Technical• Insurance
Facility Agreement – Insurance
Construction
• Contract Works • Advance Loss of Revenue • Marine Transit • Marine Advance Loss of Revenue • Employers Liability • Public/ Products Liability • Environmental Impairment Liability
(optional) • Terrorism (optional) • Title (optional) • Professional Indemnity (optional)
Operational
• Property Damage
• Business Interruption
• Employers Liability
• Public/Product Liability
• Terrorism (optional)
Facility Agreement - Insurance• Insurance Defined• Bank Protections set out in Lender’s Endorsements and
to be included on policies• Notice of Assignments to Insurers• Acknowledgement of Assignments from Insurers• Insurance Policies• Broker’s Letter of Undertaking issued on Financial Close
date with enclosures
Contracts Review
Construction
• Facility Agreement• Geo Tech Report• Turnkey or Multi Contract ? • Turbine Supply Agreement• Balance of Plant Civils/Electrical• Project Management• Other services Contracts• Grid Connection• Leases/wayleaves/consents
Operational
• Facility Agreement• O&M Warranty• Power Purchase
Agreement• Leases• Other Service Contracts
Issues
• Insurance Responsibilities• Foundation Design• Turbine Model and certification
process not complete• Construction period and 1st
Years Operational cover • Clean Title• Constructional Plant & Irish
Economy• Sub Stations• Indemnity periods
• Marine Surveys & Risk Management• Service Contractors • Policy Documentation
turnaround• Waivers to Contractors
during Operational Period• Warranty Risk and the
Owners Insurance
Recommendations
• Pick the team that will work for you• Have a Checklist• Engagement with Advisors
to achieve practical outcomes
- Debate matters off line for updating on conference calls- Flexibility- Turnaround
• Don’t forget Claims Protocol• No Break in in
Construction and 1st Years Operational• Closing date can be quick
in the end - Be Ready - Document Ready- No last minute issues