Geothermal resource risk insurance was designed to hedge against the risk of a geothermal well having lower than expected productivity in terms megawatt capacity or a combination of flow rate and enthalpy, thereby helping developers mobilize capital for exploratory drilling and resource confirmation. Both the insurance company and the geothermal developer must work closely together to establish what the success criteria are for each case. Once this has been determined, the insurance company will establish a premium that must be paid up front by the developer to secure the policy. The actual drilling may also be insured, but generally this is not the case, and only the production capacity of the well is covered, and it is the responsibility of the developer to ensure that the drilling targets are achieved. The idea is rather straightforward: once the drilling is concluded, the well is tested to confirm that the well falls within the parameters set forth in the insurance contract. If the well does not fall within the successful range of results, as agreed upon by both parties, the insurance company would pay out the developer for their losses on the project. This insurance mechanism has not been implemented widely around the world, as geothermal sector is relatively small, and insurance companies do not have much historical data, and project vary tremendously. Furthermore, insurance companies have been unable to amass an appropriate scale to make the coverage efficient, therefore leading to prohibitively high premiums for many geothermal developers. To date, France and Germany are the two countries that have most successfully used this method of risk mitigation approach.

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