PowerGuard Specialty Insurance Services, a California-based managing general agent and Lloyds cover holder, has introduced PowerWrap Solar Project Performance Guarantee Policy solution for the solar industry.
PowerGuard said PowerWrap solution 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 (SRECs) and contractually increased costs and liquidated damages, all in a single policy form.
PowerWrap benefits and features also include: comprehensive solar energy project output guarantee, policy is non-cancellable, coverage survives bankruptcy and is transferable, policy covers loss of business revenue and tax credits.
The features also includes flexible self-insured retention (SIR) and other coverage features; covers costs associated with non-performing or underperforming systems and lender-friendly policy language.
PowerGuard CEO John Hahn said PowerWrap is a compelling solution in the world of solar project finance.