Under Upsolar’s new acceptance into the PowerWrap Systems Performance Guarantee Program from PowerGuard Specialty Insurance Services, developers using Upsolar modules will be able to benefit from discounted rates on PowerWrap’s insurance policy guarantee for the output of the entire solar project system.
The insurance policy is said to provide backing for the design and installation of the solar system, warrantees for system hardware, such as panels inverters, racking and trackers, loss of revenue and SRECs. The companies advised that in some policies, even the absence of sun coverage could be included under the insurance coverage umbrella,
Solar project developers in North America, along with certain projects in Europe, that use Upsolar modules will receive rate and pricing credits during the underwriting process for PowerWrap coverage and the determination of coverage cost.
“We looked at the numbers and liked what we saw,” said Dan Francis, retail insurance broker and alternative energy specialist for Edgewood Partners Insurance Center (EPIC). “After our analysis, we certified Upsolar based on the company’s track record of quality production. Solar project developers who use Upsolar modules will now benefit from streamlined underwriting and preferred pricing of PowerGuard's new PowerWrap product.”