Assurant has unveiled a new insurance solution for commercial solar project developments with an aim to assist developers to mitigate risks and support project financing.
The new product, suitable for 100KW to three megawatts solar projects, will address the commercial and industrial risks which were traditionally difficult, said the firm.
The underwriter has obtained the advice from solar developers, lenders, brokers and other industry leaders and leverages the leading specialty insurer’s expertise, to meet the current solar insurance demand.
Assurant operations and industry relations vice president David Schroeder said that 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.
"Assurant Solar Project Insurance reduces those risks by providing phase-specific insurance for an entire project’s lifecycle, satisfying lender and investor requirements to protect project viability and their investments," Schroeder said.
The new product fulfills the property and liability insurance with warranty management, facilitating a single point of contact for commercial sized photovoltaic projects or portfolios of projects that each generate between 100KW and three megawatts.
Assurant provides debt protection administration, credit-related insurance; warranties and service contracts, pre-funded funeral insurance; solar project insurance, lender-placed homeowners insurance, manufactured housing homeowners insurance, individual health and small employer group health insurance, group dental insurance; group disability insurance, and group life insurance.