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Insuring Emerging Markets: Clean Tech’s Evolving Risks and Needs

NAP - Clean Tech 2.0

Clean tech was a term that became mainstream about a decade ago to describe a rapidly changing industry centered around renewable energy using new technologies and the refinement of old ones. It was largely created by venture capital investors to describe a philosophy to invest in and profit from environmentally friendly companies. We are most familiar with the advancements of solar and wind, but geothermal, biogas, hydro and tidal energy have also gained traction in areas abundant with the required resources or those areas that do not present geographic limitations. We all like to slap labels on stuff so for most, this industry became known as clean tech.

Clean tech growing pains

Fast-forward to ten years later and the clean tech term is falling out of favor with some who think it is too limiting or has lost the venture capital sex appeal. To investors, sustainability,carbon neutral and grid integration are industry requirements and are becoming more important than the technology itself. For those of you familiar with this sector, you know what all those buzz terms mean. I had to look them up on Wikipedia, my new friend for all that I don’t know – but want to learn about. Whatever we want to call this sector today, imagine what the next ten years will unfold?

Keeping pace

It’s important that insurance coverage keeps pace with the changing needs of this industry. Whether it is renewal energy power generation, manufacturing of critical components, software and hardware companies that support clean technology or R&D operations and labs for emerging companies – every business has its own unique insurance needs that require customized coverage solutions.

You can’t hit what you can’t see

As an insurance professional for 30 years, I have taken pride and genuine enjoyment in learning what my clients do. Whether their product or service was technical or they served a sophisticated clientele, I did do my best to understand their business operations so I could provide them with the right insurance product solution. It reminds me of being a kid learning to play golf. I used to swing as hard as I could with body parts flailing in every direction. My dad’s advice to me would be, “You can’t hit what you can’t see.” Duh, right? Technology changes. Insurance products continue to evolve but we must continue to utilize our most important resource – our ability to listen – to serve our clients properly.

Give me a call, I want to hear what you do.

All insurance policies are different. Be sure to review your insurance policy for specific information about coverages available to you. Nothing in this post is meant to suggest a guarantee of coverage.