China-based Long Energy has assumed PowerGuard Specialty Insurance Services’ PowerClip extended warranty protection for its solar panels. The PowerGuard service offers a 25-year, non-cancellable quality and performance guarantee solution that supports a manufacturer’s own warranty terms. The terms are not only non-cancellable, but they survive insolvency and bankruptcy with third-party rights to the policy available.
The insurance is developed and underwritten by PowerGuard and offers back-to-back coverage for a 10-year limited product warranty and a 10-year warranty for 90% power performance and an additional 15-year warranty for 80% performance for panels sold by Long energy and covered by the warranty.
“The PowerGuard solution is an important way for solar panel producers to provide a greater degree of business certainty and allows developers of solar parks to finance photovoltaic installations more easily and with increased flexibility,” states Ken Yang, client relationship manager of Marsh Los Angeles. “The solar panel manufacturing sector in Asia continues to grow rapidly, with China leading the way in terms of manufacturing output.”