According to the Solar Energy Insurance Association, the solar industry supplied 40% of all new 2015 electric generating capacity – more than any other energy technology last year.
This upward trajectory into 2016 brings a new challenge to traditional insurance models, who are attempting to merge Solar insurance and other insurance policies with meager results. If you want adequate coverage for your solar arrays, using solar technology requires dealing with companies that specifically specialize in Solar Property Insurance.
This uncharted territory requires clear, direct answers. With an ever-increasing complexity of insurance risks in today’s business world, it’s important to understand how Solar Property Insurance is priced to protect yourself.
Our package approach is tailored specifically for renewable energy operations and offers many enhancements:
- Capacity for Coverage
- Property rates
- Solar Insurance Policy Coverage
- Power Purchase Agreement
Capacity for Coverage
Capacity for the Property coverage is provided by a consortium of leading A+ Rated Insurance Companies, all authorized to conduct business in the US and Canada. An A+ rating means these companies have a superior ability to meet their ongoing insurance obligations. The higher an insurance carrier’s ability to meet insurance obligations, the less risk it offers to you, the policy holder.
These ratings come from A.M. Best, the gold standard of the insurance industry, whose rating process subjects all insurers to the same rigorous criteria. When shopping around, this provides you with a valuable benchmark for comparing insurers.
We have an insurance capacity of $50,000,000 per project on an unlimited basis, with higher limits always available on a project-by-project basis. Learn more here.
Solar Insurance Property Rates
Property rates for solar developers range in the $0.15 – $0.30 per $100 of total insurable value.
For instance, a solar farm with an insurable value of $1 million will have an annual premium of around $2500 per year.
(Note: Rate ranges depend on coverage chosen, area and deductible amounts. To find out your property rates, Contact Us.)
Solar Insurance Policy Coverage
Our solar insurance program is designed specifically for renewable energy developers and is available to new and existing projects nationwide. The program ensures there is no gap in coverage throughout the stages of the project.
Insured Solar Project Stages:
- Transporting Project components to construction site
- Commencement of work at the site
- Testing and commissioning phase
- Commercial operations
Our Solar PPA Packaged product provides:
All Risk Property Coverage: All risk coverage protects your equipment against loss from theft, fire, wind and earthquake.
All Risk Coverage insures the above-mentioned project phases:
- Project components journey to the construction site
- Commencement of work at the site
- Testing and commissioning phase
- Start of Commercial operations/Installation
General Liability: General liability starts at $1 million per occurrence / $2 million aggregate with limits available up to $50 million.
Equipment Breakdown: Equipment Breakdown coverage pays for the loss that results when solar equipment is damaged by mechanical breakdown, power surges, electrical short circuits, overload and electrical arcing. Note: Electrical arcing and steam explosion perils can be incorporated into a package policy. There is no need for a separate boiler and machinery policy.
Business Interruption: Insures against loss or damage to the income or profit of a business due to an interruption in the down time of the solar array.
If you would like more information or to discuss your specific insurance needs with a SolarInsure representative, please complete the form below or click here.
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