PowerGuard Specialty Insurance Services – a managing general agent and Lloyds cover holder specializing in unique insurance and risk management solutions for the wind and solar energy industries – has introduced the PowerWrap solar project performance guarantee policy.
Solar project developers, owners and lenders have long sought an insurance product or financial solution that would guarantee the output of the entire solar project system.
PowerWrap has been designed to provide a financial backstop for the design of the system; the installation of the system; warrantees for system hardware, including panels, inverters, racking, trackers; loss of revenue and tax credits; and contractually increased costs and liquidated damages – all in a single policy form, the company says.
The policy is non-cancellable, and coverage survives bankruptcy and is transferable, PowerGuard adds.
