View this article online: https://www.insurancejournal.com/news/national/2012/05/02/245979.htm
Assurant Inc. has unveiled an insurance product for commercial solar project developments designed specifically for the 100 kilowatts to three megawatts solar market. It allows developers of commercial and industrial scale projects to address problematic risks that have traditionally made financing difficult.
Assurant Solar Project Insurance provides warranty administration and protection plans for every phase of commercial-sized solar development projects. Assurant’s solar coverage is tailored to offer an alternative to current solar insurance products geared toward insuring larger-scale projects at a frequently cost-prohibitive price point. It was created with solar developers, lenders, brokers and other industry leaders.
“Energy experts predict strong growth in medium-size solar projects in markets with high electricity prices and strong renewable energy mandates, though significant operational and financial risks often pose challenges during their development, installation and operational phases,” said David Schroeder, vice president of operations and industry relations at Assurant, Inc. “Assurant Solar Project Insurance provides phase-specific insurance for an entire project’s lifecycle, satisfying lender and investor requirements to protect project viability and their investments.”
Assurant’s new product bundle incorporates property and liability insurance with warranty management, providing a single point of contact for commercial sized photovoltaic projects or portfolios of projects that each generate between 100 kilowatts and three megawatts.