Behind every megawatt of renewable energy lies an idea, a vision, hard work – but also a whole range of risks, from project construction and equipment transport to installation. A damaged turbine on its way to the site, a month-long delay in construction, or a breakdown during plant operation – each of these scenarios carries a cost. How can investors identify risks and protect their investment in time? The answer comes from ACB, a leading insurance broker.

An active member of the Association RES Serbia since its founding in 2021, ACB has participated in insuring major renewable energy projects, including wind farms with a total installed capacity of nearly 1 GW.

As the exclusive correspondent of Aon in Serbia, the company brings a dual advantage to every project, the global expertise of one of the world’s largest brokerage firms, combined with in-depth knowledge of the local market.

Speaking to the RES Serbia portal, Marko Levakov, Director of Business Development Sector at ACB, explains what specific risks complex RES projects carry, what investors expect from insurance today, and why the size of the investment is not the only criterion for creating an adequate insurance program.

One thing, he stresses, is common to all projects: there is no universal solution in insurance.

What is the role of insurance brokerage companies in the development of RES projects in Serbia?

– The role of an insurance intermediary or broker in renewable energy projects goes far beyond the traditional function of mediating between the client and the insurer.

Our task is to act as a strategic partner to both investors and contractors in managing risks throughout the entire life cycle of a project: from development and financing, through construction, and into operational work.

RES projects are complex, involving significant capital investments and a wide range of risks – from construction and transport risks, to potential delays in implementation, to property damage and loss of income during operation, as well as other specific exposures. Properly structured and well-negotiated insurance enables our clients to transfer these risks to insurance companies and safeguard the stability of the project.

Since its founding, ACB has been an active member of the Association RES Serbia and, through years of experience, has participated in diverse projects – from wind farms and solar power plants to infrastructure projects connected with energy and environmental protection.

Our role is to understand the specificities of each project, analyze risks, secure optimal insurance coverage, and remain a reliable partner to our clients throughout the project’s life cycle. The importance of our engagement becomes most evident at the moment of a loss event, when we provide expert support in the claims process to ensure swift and adequate compensation, allowing business operations to continue with minimal impact on the project.

As an exclusive correspondent for Aon, you have insight into global trends, while at the same time knowing the domestic terrain. What specific requirements do investors in Serbia face today when it comes to risk structuring and how does the combination of local expertise and the global Aon network help them get the best conditions?

– Investors in Serbia today have increasingly complex requirements when it comes to risk management, particularly in large energy projects that involve international investors, lenders, and contractors.

One of the greatest challenges is finding the optimal balance between lenders’ demands, an adequate level of insurance protection, and a commercially justified insurance price. It is especially important to properly define limits, sublimits, deductibles, and the scope of coverage so that the policy truly reflects the project’s needs.

As the exclusive correspondent of Aon in Serbia, ACB could draw on the global expertise of one of the world’s largest brokerage firms, while at the same time offering clients local insight into the market, regulatory framework, and the specific characteristics of domestic projects.

This combination provides access to a broad international network of insurers and reinsurers, experience with large-scale projects worldwide, and the ability to tailor solutions locally.

Our goal is to secure the best available conditions for clients while also offering advisory support from risk management to implementation and, if necessary, claims resolution.

From large wind farms to small solar power plants for self-consumption, Serbia’s portfolio of renewable energy projects is becoming increasingly diverse. How does ACB, leveraging its strong purchasing power with insurers, manage to adapt conditions and secure optimal coverage both for multimillion‑euro investments and for smaller, commercial solar projects?

– The development of the renewable energy sector in Serbia is bringing an ever‑greater variety of projects, ranging from large wind farms and solar power plants to smaller projects intended for self‑generation and consumption of electricity. Precisely because of this, there is no universal insurance solution, each project must be assessed individually, with the insurance program tailored to its size, technology, and specific risks, thereby creating truly “tailor‑made” coverage.

For large infrastructure projects in the energy sector, such as wind farms, insurance must follow the entire life cycle of the project, from transport and installation of equipment, through construction and commissioning, all the way to the operational phase. Particular focus is placed on protection against material damage, business interruption, and loss of income, as well as on aligning the requirements of investors, contractors, and lenders.

ACB is proud to have contributed its expertise to the insurance of major renewable energy projects in Serbia. Our track record includes several large wind farms, withprojects totaling nearly 1 GW of installed wind capacity, insured from the construction phase through years of operational work. In addition, we participate in projects across other areas of energy, infrastructure, and large‑scale investments.

This experience enables us to understand the specific risks inherent in complex RES projects and to work with clients to design optimal insurance structures. At the same time, our involvement in different types of projects from large infrastructure investments to commercial facilities and smaller energy systems – allows us to adapt our approach to each client.

Our advantage lies not only in the size of our portfolio, but in the combination of professional expertise, local experience, and access to Aon’s global network. Thanks to this, we can draw on international know‑how and the capacity of global insurance and reinsurance markets, while fully understanding the specificities of the domestic market.

Our purchasing power is reflected not only in the volume of business, but also in the trust we have built with insurers over the years. They know that the requests ACB submits are professionally prepared, based on detailed risk analysis and a deep understanding of project specifics and required types of coverage. This greatly facilitates communication and negotiations with the market, enables more efficient identification of suitable solutions, and often prioritizes our clients’ needs.

Regardless of the size of the project, the goal remains the same, and that is to provide the client with an adequate insurance solution that protects the investment, ensures business continuity and represents an optimal balance between the level of protection and the cost of insurance.