Assurant Inc., a provider of specialty insurance, has launched a comprehensive insurance solution for commercial-scale solar project developments. The new product, designed specifically for projects ranging from 100 kW to 3 MW, is designed to allow developers of commercial- and industrial-scale projects to address risks that can make financing difficult.
The offering provides what Assurant says is the industry's first warranty administration and comprehensive protection plan for every phase of commercial-sized solar development projects. The coverage is tailored to offer an affordable alternative to current solar insurance products geared toward insuring larger-scale projects at a frequently cost-prohibitive price point, the company adds.
‘Energy experts predict strong growth in medium-size solar projects in markets with high electricity prices and strong renewable energy mandates, though significant operational and financial risks often pose challenges during their development, installation and operational phases,’ says David Schroeder, vice president of operations and industry relations at Assurant.