New insurance products are always being developed to react to potential risks faced by owners and developers. For example, a reduction in yield can have a significant impact on a solar installation’s financial performance which may not be as a result of any damage suffered. As a leading provider of insurance products for the renewable energy sector, Nsure Renewables help companies to better manage the impact a reduction in yield can have on business.
Nsure’s Solar Protect insurance product provides cover for reduction in expected yield due to an installation’s under performance, without the need for proof of negligence or defectiveness to trigger coverage for revenue losses, providing cover for reductions in yield when production falls as a result of, for example, inclement weather, temporary sky obstructions, smoke, or volcanic ash clouds.
It’s a simple policy for solar owners and operators that are concerned about system under performance. It will help owners and operators to manage the downside of poor solar performance by helping to improve the financial stability of a project and can be arranged as a stand alone cover or as part of an insurance portfolio. The policy will make up for lost revenue due to system under performance and the policy can name the bank or financial backer as the loss payee for payment of claims.
The product can also include standard insurance covers including:
- Material Damage cover (all risks basis)
- Mechanical and electrical breakdown cover
- Resultant loss of revenue following damage or breakdown
- Liability cover for the solar owners/operators
- Nsure currently has over 170 UK sites benefitting from Solar Protect and cover can be arranged in the UK and Europe.
Whether you have an existing portfolio of solar parks or are in the throes of construction, it may well pay to discuss the benefits of Solar Protect.
Nsure Renewables are specialist independent, Chartered Insurance Brokers who have arranged insurance for the renewable energy industry for over 15 years.
Authorised and regulated by the Financial Conduct Authority no. 308621