PowerGuard Specialty Insurance Services—a managing general agent and Lloyds cover holder specializing in insurance and risk management products for the wind and solar energy industries—has launched the PowerWrap Solar Project Performance Guarantee Policy.
PowerWrap has been designed to provide an insurance product or financial solution that would guarantee the output of the entire solar project system. PowerWrap provides a financial backstop for the design of the system; the installation of the system; warrantees for system hardware including panels, inverters, racking, trackers, loss of revenue and tax credits (SREC’s) and contractually increased costs and liquidated damages, all in a single policy form. In some cases, even lack of sun coverage can be wrapped into the coverage.
- Solar energy project output guarantee
- Policy is non-cancellable
- Coverage survives bankruptcy and is transferable
- Policy covers loss of business revenue and tax credits
- Flexible self-insured retention (SIR) and other coverage features
- Covers costs associated with non-performing or underperforming systems
- Lender-friendly policy language written on A.M. Best “A” rated, class XV paper
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