CAC Specialty Broker William Chappell Recognized as a 2022 Traditional Energy Power Broker
William Chappell, Executive Vice President, CAC Specialty
With renewables taking their place as major components of the energy economy, the new challenge for brokers in traditional energy is helping their clients in the hydrocarbons industry add wind and solar to their business.
As the risk manager for one of Bill Chappell’s clients explained, the exposures and coverages are different even for large energy firms.
“Bill is an engineer by education, and that understanding of processes and systems has been essential in supporting us as we move away from coal and gas. For example, we’ve managed and built billion-dollar projects, but builder’s risk for battery storage was new to us, and to some of our carriers. To achieve that placement, Bill had to understand the risk and explain it to insurance companies that were nervous about what they have heard about grid storage facilities.”
The risk manager noted that Chappell was particularly adept in helping them understand and secure coverage for highly variable energy types.
“On-shore wind and solar have been around for a while, and underwriters understand those. Off-shore wind and battery storage are newer, and have different risk profiles from other renewables and from our traditional energy portfolio,” the risk manager said.
Beyond the technical challenges of placements across traditional and emerging energy, Chappell was able to secure placement for traditional energy despite dwindling capacity and willingness of some carriers to write hydrocarbon-based operations.
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.