According to the National Renewable Energy Laboratory, a fourfold increase in demand for and production of solar photovoltaic (PV) is expected between 2008 and 2012. To help protect its clients who are installing solar panels and energy systems and operating solar farms, Travelers added SolarPak coverage to its EnergyPak series of insurance products and services offerings.
“The potential for continued growth in renewable energy, specifically solar technologies, is great,” said Lauren Berry, Chief Business Development Officer, Travelers Inland Marine. “We created the SolarPak coverage to help our current and potential customers manage the unique, individualized risks that come with working with solar PV.”
SolarPak coverage was built to meet a wide variety of needs for solar operations. The scope of coverage encompasses the entire life span of a solar farm or operation, from early stage feasibility and development to the operational phase. Key features of the SolarPak coverage include:
- Feasibility Phase: property at site assessment locations – towers, weather-data gathering equipment and property awaiting installation would be covered.
- Construction Phase: builders’ risk coverage is built into the SolarPak coverage form and can be tailored to individual needs. Automatic coverage extensions include transit/temporary locations and mechanical/electrical breakdown perils.
- Operational Phase: covers permanent operations for solar PV energy systems and its related property and equipment and business interruption.
Considerations specific to the solar industry are contemplated within the SolarPak coverage form, such as business income including production tax credits, green valuation with upgrade for replacement property which is more efficient, debris removal including additional expense for recycling, mounting rack systems, inverters and spare parts, operations and maintenance structures, and loss warranty or service contract reimbursement. The product offering provides capabilities to write associated coverages such as contractors’ equipment, general liability, hired and non-owned auto and umbrella.
Travelers Inland Marine has provided coverage for renewable energy in the wind farm industry for almost a decade. With the recently launched EnergyPak series of products, Travelers Inland Marine now offers coverage for a range of renewable energy sources, from small to large wind farms to a range of solar applications. The Inland Network provides access to services from risk control, claim and specialty investigations, ranging from consultations at project sites and operations and maintenance facilities to investigations of theft trends, such as solar panel theft.
Source: Travelers Insurance
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