CNPV Solar Power and Willis, a global insurance broker, have partnered to develop solar PV module insurance and installation coverage. The long-term performance warranty insurance product is targeted for operators of solar parks and offers a performance guarantee on the power output of CNPV modules and insures the power output for 25 years.
The insurers will underwrite for any reduction in power loss from CNPV’s warranted, 90% guaranteed energy output during the first 10 years and 80% in the following 15 years. The insurance is also set to cover expenses that could arise from the recovery of the former energy output. In addition, CNPV’s guarantee that their modules are defect-free from a manufacturing result for 10 years now includes additional insurance in the new product solution.
Along with the guarantee insurance offered, the two companies created an “All Risks” coverage, which would cover the risks that could lead to damage, destruction or loss of insured property from circumstances such as operating errors, vandalism, theft or natural disasters. This “All Risk” benefit would also cover business interruption from claims. The additional coverage is commenced by CNPV for one year, after which, clients from CNPV can extend the coverage for a premium.
COO, CTO and board member of CNPV, B. Veerraju Chaudary, stated, “For our clients, this insurance solution is a major stepping-stone in financing photovoltaic projects. It ultimately gives operators of solar parks additional economic security in the event of an unforeseen loss in performance of the PV Modules and installation.”