Solar Photovoltaic Power Generation 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.

What is MSIG solar PV All Risks Insurance?

Generating green energy such as that through a solar photovoltaic (PV) system requires substantial investment. That’s why we go above and beyond with MSIG Solar PV All Risks Insurance. It protects your solar PV system against loss or damage due to fire, theft and accidental damage.

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).

Does homeowners insurance cover PV systems?

For residential homeowners, PV systems are covered under homeowners’ policies that cover both property and liability exposures. Property coverage includes the dwelling with attached fixtures, such as rooftop PV systems and detached structures.

What is a solar insurance policy & how does it work?

The policy safeguards revenue losses due to system underperformance for the duration of the revenue contract, which is typically 15 years. The specific coverage terms are negotiated on a project-by-project basis. The policy is brokered by Beecher Carlson, a leading insurance broker and risk management consultant for solar developers.

What insurance do PV installers need?

At minimum, installers, contractors, and project designers should provide proof of general liability and professional liability insurance (also known as errors-and-omissions insurance). Professional liability insurance covers claims arising from PV system design, consulting, engineering, or installation.