London-based GCube Underwriting Limited, which specializes in insurance services for renewable energy technologies, announced that it has grown its solar property coverage from $300 Million to $500 Million USD for any single solar project or phase.
“The news comes at particularly bullish time for large-scale projects in the global solar industry. Buoyed by improving tariffs, subsidies and infrastructure, many countries are increasingly turning to the solar industry as they strive to meet 2020 climate targets,” GCube said.
The increases have spurred “progressive members of the renewable energy insurance community” to take it upon themselves to “grow their insurance coverage to support this booming industry. Solar energy developers are, in turn, increasingly looking towards specialist insurers who can provide this service and that understand the associated risks of large-scale solar projects.”
Tim Kinsella, Senior Vice President of GCube Insurance Services, commented: “We expect to see large-scale utility projects around the globe really start to take off as a result of the various government incentives promised between now and 2020. It will require a concerted effort from the insurance community to support these large scale projects and thus sustain the expected levels of growth in the global solar industry.
“By increasing our solar property coverage to $500 million, we have sent a clear message of support to the solar industry, and have cemented our position as a major insurer of solar energy technology.”
GCube’s property coverage for solar projects includes Transit, Construction, Operational All Risks, Mechanical and Electrical Breakdown, Delay in Start Up, Advance Loss of Profits and Business Interruption (including tax credit and other financial incentives).
Source: GCube Insurance Services
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