PowerGuard Specialty Insurance Services—a managing general agent and Lloyds cover holder specializing in wind and solar energy industries—has released its second generation PowerCLIP Warranty program.
In addition to transferring risk, the PowerCLIP warranty solution strengthens balance sheets, improves financial results and drives new sales opportunities to the solar and wind energy companies that utilize it, the company says. Once in place, it provides immediate, non-cancellable protection with insurance companies carrying an AM Best Rating of A.
“Alternative energy companies were hit particularly hard by the economic and banking recession of the last several years,” said Mike McMullen, PowerGuard’s managing principal. “Warranty issues were at the heart of the lending and capital acquisition challenges faced by wind and solar energy companies and their investors.”
In addition to the proprietary warranty solution, PowerGuard has also entered into a marketing alliance with Chartis Global Marine and Energy. The PowerGuard/Chartis partnership can provide up to $500 million in property capacity.