Insurance options for solar PV systems
Solar Performance Insurance
Increased costs of working from losses in power generation revenues (or expected savings from using PV power) arising from the failure of solar installations to produce energy at a specified or predicted level.
Cover as a result of shorter than expected lifespan of solar cell not covered by manufacturers’ warranty. The cover might include additional expenses from the purchase of additional carbon credits or losses in carbon credit savings if the insured swops to a non-renewable energy resource for power generation.
Contractors Insurance Professional Liability
Cover for the engineering and design of solar projects Property damage during installation. Third Party Liability Equipment damage and failures prior to handover This cover might include water intrusion and mould. Cover might also include loss of revenue/savings to the employer as a result of delay in completion of the project due to equipment defects or installation issues.
Solar Product Liability Insurance
It covers product performance, Manufacturing defects and Third Party Liability. It also cover the losses due to supply shortages of replacement parts arising from a manufacturing defect.
Solar Operational All Risks Cover
It covers the property damage and equipment breakdown, Loss of revenue (if grid connected) due to grid failure. Cover might also include liability arising from “islanding” where the insured is grid connected.