EPM strengthens its insurance coverage for Hidroituango
- Fecha de publicación
- 2023-03-24 00:00
- Contenido
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- The Organization took out a policy with the insurer La Previsora Seguros
- It covers All Risk Material Damages and Lost Profits for Hidroituango
- It also renewed its Extra-contractual Civil Liability policy with Suramericana
- The Company maintains a Self-Insurance Fund in the amount of COP 102 thousand million
Medellín, Friday, March 24, 2023 (@epmestamosahi). Hidroituango now has solid insurance coverage in place. Following substantial efforts involving several Company areas, on Friday, March 24, EPM signed an insurance contract covering All Risk Material Damages and Lost Profits for Hidroituango with the Colombian insurer La Previsora Seguros, for an annual term.
Jorge Andrés Carrillo Cardoso, CEO of EPM, highlighted the insurance market’s trust in the Organization and Hidroituango, which continues to move forward in its objective of contributing to the country’s progress and the wellbeing of Colombian. “This policy, taken out with La Previsora Seguros, provides coverage for the completed civil works at the Power Plant, such as the dam, spillway, substation, camps and power generation units 1 and 2, which are already in operation,” said CEO Carrillo Cardoso.
Andrés Felipe Uribe Mesa, Risk Vice-President at EPM, added that following a contracting process that involved, among other activities, a road show for the reinsurance market to demonstrate first-hand the progress made in starting up operations at the Hidroituango Power Plant, “we managed to increase the coverage from an insured limit of USD 200 million to USD 250 million.”
It is expected that once power generation units 3 and 4 begin commercial operations, scheduled for the second half of 2023, all the electro-mechanical equipment and civil works required for their operation will be included in this insurance policy.
Meanwhile, on Thursday, March 23, EPM renewed its Extra-contractual Civil Liability policy for the Power Plant with Seguros Generales Suramericana, managing to increase the insured limit from USD 5 million to USD 10 million, also for an annual term.
EPM remains committed to managing with the insurance and reinsurance markets coverage for the risks associated with the Hidroituango Power Plant, which is a key infrastructure project for the country’s development and the lives of millions of Colombians.
