Solar power plant insurance

Why is insurance important for photovoltaic plant operations?

Insurance is important to several aspects of photovoltaic (PV) plant operations. Insurance is often a prerequisite for financing, operating permits, interconnection agreements, and leases or as part of a power purchase agreement for an on-site PV system. The history of insurance for PV systems is short compared to other types of assets.

Which insurance companies offer solar plant insurance?

As per the information provided by the Financial Services Department and IRDAI, Iffco Tokio GICL, HDFC Ergo GICL, The New India Assurance Co. Ltd., ICICI Lombard GICL and Cholamandalam MS GICL were among the insurance providers offering various products for the solar plants.

What is PV plantprotect insurance?

The PV PlantProtect insurance program is available for utility-scale solar power plants in any market around the world, including systems with bifacial modules. The policy behind PV PlantProtect is a well-established, A-rated PV Power Outage insurance policy underwritten by Ariel RE, a syndicate of Lloyd’s of London.

Do solar energy systems need insurance?

Insurance Requirements from Requests for Proposals for Utility-Scale PV Systems Newer, innovative solar energy insurance products combine elements of insurance with financial hedging mechanisms. These include solar shortfall insurance, weather transfer risk, and equipment failure coverage.

How do I control insurance costs for PV plants?

Another way of controlling insurance costs for PV plants is through selecting the types of perils that are covered or excluded. Policies are generally written as all risk, which means that there is coverage for all risks unless specifically excluded.

What is a photovoltaic insurance policy?

A major component of operation-and-maintenance costs for commercial or utility-scale photovoltaic (PV) systems is insuring against losses from physical damage or liability for losses caused to others (Speer, Mendelsohn, and Cory 2010).