The renewable energy sector’s leading insurance provider, GCube Underwriting and GCube Insurance Services, has increased its single project solar property coverage from US$300 million to US$500 million.
A number of large-scale solar projects have been launched in recent months, including the Ordos plant in China and First Solar’s Los Angeles-based AV Solar Ranch One, and insurance companies have expanded their coverage accordingly.
“We expect to see large-scale utility projects around the globe really start to take off as a result of the various government incentives promised between now and 2020,” said GCube’s senior vice president, Tim Kinsella. “It will require a concerted effort from the insurance community to support these large-scale projects and thus sustain the expected levels of growth in the global solar industry.
“By increasing our solar property coverage to US$500 million, we have sent a clear message of support to the solar industry, and have cemented our position as a major insurer of solar energy technology.”
GCube's service currently entails coverage of transit, construction, operational, mechanical and electrical breakdown, start up delays and loss of profit.