The policy, for an amount of 200 million dollars, includes the insurance of the works of the dam, the spillway, the substation and the camps.
On March 24, the company EPM renewed the insurance coverage for the completed civil works of the Hidroituango megaproject, for an annual term, with the insurer Mapfre Seguros Generales de Colombia SA.
Said policy, for an amount of 200 million dollars, includes the insurance of the works of the dam, the spillway, the substation and the camps, as detailed by the company.
“This allows us to continue advancing and strengthening the project’s insurance scheme. This insurance was renewed with the insurer Mapfre and with a group of international reinsurers”, explained Andrés Felipe Uribe Mesa, Vice President of Risks EPM.
The renewal of this policy took place after a process that included a visit to the reinsurance market for EPM to present the progress in the recovery and commissioning of the hydroelectric project, with the expectation of putting its first turbine into operation in the middle of this year, a fundamental milestone because the mega-project will contribute 17% of the country’s energy production.
Likewise, it was possible to increase the insured limit of the policy, with which it went from USD100 million to USD200 million. The company hopes that when the first generation unit enters into commercial operation, the electromechanical equipment and civil works necessary for it can be included in this policy.
According to Uribe Mesa, the project’s non-contractual civil liability insurance was also renewed on March 23, with an insured amount of USD5 million: “This reflects the confidence of the insurance and reinsurance sector in the project and the organization.” This last insurance was renewed with the insurer Suramericana SA.