Insurance for the Solar Panel Industry
Solar Panels are all over. How do you insure a solar panel, or a contractor that installs solar panels? What about a solar panel farm? Solar panel insurance offers this specific protection.
With the focus on developing clean energy sources, new alternative energy facilities are popping up all across North America and are predicted to increase exponentially in the next decade. One of the least intrusive and most cost effective is solar energy. Solar cell manufacturing costs continue to fall and output efficiency continues to improve.
GDI Insurance Agency works has developed a competitive clean & green Solar Energy Insurance Coverage program to meet the needs of photovoltaic solar panel “farms,” with new features for more complete recovery.
What’s New with Solar?
- We have addressed the need for specialized valuation of solar array components;
- Additional insurance is provided for a greener approach to debris recycling;
- The opportunity to upgrade to a greener replacement when it is desirable;
- We even cover the incurred cost of an extended warranty or maintenance contract, if it becomes void due to a covered loss.
What about Tax credits?
- The tax credits/ financial incentives can be critical to your client’s profit. And, now there is a simple Solar Business Income Worksheet to help the client capture and quantify these items for Business Income Coverage.
Any other Business Income Coverage special features?
- When the client also purchases optional Ordinance or Law coverage, there is an extension of time if it is required to comply with an ordinance or law;
- And, our business income coverage includes loss arising out of a covered loss to property in transit, an important coverage when insuring the installation phase.
Are other optional coverages available?
- Equipment Breakdown Coverage, Ordinance or Law, Inflation Protection, Contingent Coverage on Leased Solar Arrays, as well as Flood and Earthquake at eligible locations.
- Coverage is available from day one of the installation project well into the future, when the solar array is providing clean power to the end user.
There is a lot that needs to be done differently than “normal insurance” to properly cover a solar farm, or contractor installing solar systems.
Contact your GDI Insurance Broker for help! 1-888-991-2929
Matthew Davis, MBA, CPCU, AAI