Beecher Carlson, an insurance brokerage and risk management consulting firm, has brokered a customized product to mitigate warranty risk for the solar field components at the Ivanpah Solar Electric Generating System (ISEGS). Construction began in October 2010 on the Ivanpah project in California’s Mojave Desert.
Beecher Carlson utilized market arrangements to provide a warranty wrap insurance policy, which provides a five year extended warranty on over 60 components which will make up the solar field portion of the ISEGS solar thermal power facility. BrightSource Energy, a partial-owner in the ISEGS, designed and provided the solar field components.
The extended warranty is a product that mitigates long term warranty and serial defect risk. It is customized to cover defects in design, materials and workmanship for all manufactured solar components and design specifications. The policy extends coverage for serial defects, as well as costs incurred for research, re-design and re-engineering.
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