Wuxi Suntech has bolstered its warranty with the addition of insurance coverage by China-based Ping An and reinsured by Munich Re.
The new insurance policy will provide 25 years of cover against any significant drop in module performance.
“We have great confidence that our products are of the highest quality and are built to last,” said Eric Luo, CEO, Suntech. “But to ensure our customers feel fully protected, our new insurance policy with Ping An and reinsurance by Munich Re will allow us to continue to honour our products ‘performance warranties, while still maintaining our strong financial balance sheet.”
Suntech’s modules have also undergone an additional technical review by UK-based OST.
“Thanks to the cooperation with our partner Ping An, we are able to provide an innovative performance warranty insurance solution for Suntech’s modules that are fundamental to the sustainable success in the solar industry,” said August Proebstl, head of corporate insurance partner, Munich Re. “It sets industry standards by being the first significant deal when it comes to volume insured and indemnity offered to a manufacturer domiciled in the People’s Republic of China,” added Proebstl.
Read PV Tech Power’s in-depth analysis on module quality and performance in the global large-scale sector featuring input from ReneSola, Suntech and Hanwha Q CELLS.