Acadia Insurance, based in Westbrook, Maine, says it is now providing specialized green energy insurance for contractors installing solar power, as well as for businesses operating solar energy equipment.
‘At Acadia, we recognize that more companies are going green by turning to renewable energy sources, and solar panel installation is a growing business that has a positive impact on the environment,’ says J. Barry May, vice president of marine at Acadia Insurance. ‘However, without up-to-date builders risk and special property coverage, building contractors and their customers could be opening up their businesses to significant exposure.’
For installation contractors, specific builders risk insurance for solar power installations includes coverage for hard costs, with transit and off-site storage; testing and equipment breakdown; and delay in completion with soft costs, additional construction expense and loss of income. For companies that operate solar energy installations, property insurance includes special form property coverage, equipment breakdown and loss of income.
SOURCE: Acadia Insurance