Insurance people who service the energy sector have two things going for them: Energy is an essential product, and the sector is ripe for innovation. (iStock)

Seasoned insurance pros often advise newcomers to the industry to specialize in a specific type of coverage in order to create lasting value for current and future insureds.

There are few areas in which that need is more paramount than the energy sector, where operators of both traditional- and alternative-source facilities run complex businesses with distinct risks that require creative, multi-faceted coverage solutions.

The energy sector in general — and the alterative or renewable energy market in particular — is experiencing unprecedented change alongside a hardening unlike anything the insurance industry has seen in nearly two decades. This means

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