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Solar panels - Solar Operational Performance Insurance

Solar Operational Performance Insurance

Due to the reducing cost of technology and the relative ease of maintenance and operation, *energy produced from solar photovoltaic panels has become one of the biggest growth areas globally with generation growing by 32.6% in 2015.

Investors in renewable energy projects are faced with a range of risks to their operations, one of which is whether the installation will perform to the projected expectations. Increasingly investors are looking to protect not only the physical assets and business interruption risks during PV operations, but also the revenue derived from shortfall caused by faulty designs, miscalculation of systems or a lack of sun.

As a specialist in renewable energy insurance, we are constantly focused on providing innovative covers which are responsive to evolving risks. Which is why, we have developed an insurance policy for solar PV risks that covers both the assets and the performance.

Our Solar Operational Performance Insurance policy is specifically designed to provide comprehensive protection for assets installed, revenue generated, third party liability and shortfall in energy output. The policy is available for periods of up to five years and provides cover for material damage (including equipment breakdown) of solar PV installation, business interruption (protecting against loss of revenue in the event of equipment failure), third party liability (covers legal liabilities) and solar shortfall insurance (covering an annual shortfall in performance resulting from reduced solar irradiation, miscalculation of projected output or defective materials, workmanship, design, plan or specification).

* BP Statistical Review of World Energy 2016

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