Choosing the Right Insurance Package for your Solar Power Plant?
Talk to Solar Mango for Expert Guidance!
Your solar system is a power generating equipment that is expected to last for a period of 25 years. During its lifetime it has to withstand the risks associated with inclement weather (hail, snow, and lightning), fire, vandalism, theft etc.
Adding an insurance cover will ensure your new system is safe from these risks and protects you from having to pay out of your pocket for costly repairs.
Solar Mango, the #1 Solar Guide, can assist you in this.
Importance of Insuring your Solar System
Get in Touch
Send a note to: sourcing@solarmango.com
Solar panel systems whether they are roof or ground-mounted, may be prone to risk of failure due to various reasons and you can get full coverage of your system that will include risk factors including various manufacturing defects, external events like natural disasters, etc.
Yes! It is true that most solar products have warranties associated with it. But in a highly unpredictable industry where many component manufacturers/suppliers have closed down or gone bankrupt, ensuring that your system has a proper insurance package significantly offsets your financial risks.
Adding insurance to your solar system can save thousands in repair or replacement costs in case of the misfortune of being damaged or stolen.
Below are the list of Insurance in India for Solar Power Plants:
Insurance during Construction phase:
General liability Insurance+
General liability Insurance covers policyholders for death or injury to persons or damage to property owned by third parties. General liability coverage is especially important for solar system installers, as risk is greatest during installation
Environmental Risk Insurance+
Environmental damage coverage indemnifies solar system owners of the risk of either environmental damage done by their development or preexisting damage on the development site.
Employers’ Liability+
provides cover against risk of accident from usual workplace risks such as working at height and manual handling
Public Liability +
provides cover for any damage caused to third party property during installation of the panels. Essential for businesses engaged in Construction and Installation of solar panels and solar farms
Marine Cover+
Covers include Marine Transit for any loss of goods and Marine Delay in Start up to protect from any consequential loss in revenue
Insurance during Operational Phase:
Property Risk Insurance+
This insurance covers material damages due to external causes such as fire, theft, vandalism, sabotage, hail damage, snow load, lightning strike, overload, operational mistakes, clumsiness and negligence and animal bite.
Business Interruption Insurance+
Business interruption insurance is often required to protect the cash flow of the solar project.
Lack of sun cover+
Sun is not always a reliable source of constant power. Aerosols and atmospheric processes such as clouds and air moisture can cause local variations in irradiation of well above 10% of the expected value. Such volatility and uncertainty can be insured by a lack of sun cover. The purpose of a lack of sun cover is to smooth revenues.
Political risk insurance+
Political risk insurance products protect:
- Investors against financial losses on their equity investments due to a variety of non-commercial risks; or
- Lenders against the risk of missed scheduled payments on a loan due to a variety of covered risk events.
- Types of coverage: expropriation, breach of contract, currency inconvertibility and exchange transfer, political violence, non-payment of financial obligations and unfair calling of bonds.
How to Make Sure You Select the Right Insurance Package?
In the solar industry, just like in other industries, solar insurance packages come in varied forms and can be tailored to customer requirements.
Evaluating what is the best insurance for you can be a time-consuming task that involves complicated research and negotiations.
More often than not, the various insurance packages and also the terms & conditions associated with it can be too complicated for the customer to understand.
All these complexities make it a painstakingly difficult task for the solar system owner to choose the right kind of insurance.
However, there is a simpler and more effective method for even non-experts to select the best solar insurance for their requirements – buy it from the right insurance company.
Take Solar Mango Assistance in Choosing the Right Insurance Company for your Solar System
Solar Mango can be of invaluable assistance to you in selecting the right insurance company for your solar power plant.
Here’s why.
Solar Mango’s Expertise in the Solar Sector
Solar Mango is one of the most respected brands in the Indian solar sector. Considered the #1 solar guide, our expertise in the technical, market and commercial aspects of solar energy has benefitted over 1500 stakeholders – ranging from industries, commercial establishments, small businesses, entrepreneurs, government, educational institutes and more.
Through our focused consulting assignments and research reports, and our team of industry specialists, we bring in in-depth expertise in many critical aspects of solar power, especially solar PV.
Solar Mango’s Contacts in the Indian Solar Sector
Being a pioneer in solar power industry research and consulting (we have been serving the Indian solar power market since 2009 when the solar power growth was just beginning), and also owning some of the leading online resources for solar energy in India, Solar Mango has one of the most extensive contact networks with vendors, specialists and experts in the field.
Companies We Work With
Over the last decade, we have interacted extensively with insurance companies in the country and have an exceptional understanding of the market.
During this period, based on our work, we have identified select insurance companies that are the top of the heap when it comes to the key parameters – quality, reliability and flexibility.
We work with companies both small and large, and having operations in different regions in India. While specifics of our companies vary, all of them have some things in common – very high quality and reliability.
Get in Touch
So: If you are looking for a suitable insurance company who can be a reliable long term partner for your solar power plant, talk to us at Solar Mango.
Send a note to: sourcing@solarmango.com with brief details about your requirements.
We will get in touch with you soonest!
