Photovoltaic support product insurance

Do solar PV projects need insurance?

Insurance is based on statistics, which are not there yet. The only way for insurance companies to respond is to assign the highest possible risks to solar PV projects and charge for that accordingly. Solar panel project developers are already able to purchase PV insurance from several insurance companies.

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.

Do PV systems need insurance?

In particular, this report provides an analysis of the causes of loss that involve PV equipment as well as an overview of the special coverage considerations for PV system owners, operators, and third parties. Insurance is one means of managing the risk of financial loss.

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).

What insurance should a solar system owner buy?

Property Risk Insurance The solar system owner usually purchases property insurance to protect against risks not covered by the warranty or to extend the coverage period. The property risk insurance often includes theft and catastrophic risks. 3. Environmental Risk Insurance

Do you need a solar insurance policy?

Even though solar insurance products and standardized yet, demand for PV insurance is increasing. In general large PV systems require liability and property insurance, and many developers may opt to add policies such as environmental risk insurance. 1. General Liability Insurance