Specialty insurance provider Assurant, Inc. offers a comprehensive insurance solution for commercial solar project developments. The company says the new offering is designed specifically for the fast growing 100 kw to 3-MW solar market, and will allow developers of commercial and industrial scale projects to address problematic risks that have traditionally made financing difficult.
Assurant Solar Project Insurance is the industry’s first warranty administration and comprehensive protection plan for every phase of commercial-sized solar development projects, says the company. The coverage is tailored to offer an affordable 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 and leverages the leading specialty insurer’s expertise.
“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 reduces those risks by providing phase-specific insurance for an entire project’s lifecycle, satisfying lender and investor requirements to protect project viability and their investments.”
With Assurant’s Solar Project Insurance, developers do not have to worry about dealing with multiple manufacturers and worrying if they will fulfill their warranty obligations. Assurant’s new product bundle incorporates property and liability insurance with warranty management, providing a single point of contact for commercial sized photovoltaic system projects.