Insurance for Solar Power Plant

Any manufacturing defect that affects the solar panels is covered under the product warranty. Check my previous post - Solar system Warranties 25-35 years

Solar Insure’s provide an extended warranty for solar energy systems, designed to protect homeowners from equipment failures and installer-related issues. It offers protection against installer bankruptcy, ensuring that your system continues to be maintained and serviced even if your original installer goes out of business. This feature alone can save homeowners significant stress and financial burden.

Solar Insure Warranty:

The Solar Insure warranty is designed to provide comprehensive coverage for all major components of your solar energy system. The package includes solar panels, inverters, batteries, roof penetrations, and labor costs. It's a financial safeguard that can help homeowners and businesses manage the costs associated with damage, breakdowns, or delays. 

Insurance companies providing solar insurance in India:

1. The New India Assurance Co ltd
   Product Name: New India Solar Energy Insurance Policy
2. Tata AIG General Insurance Company Limited
   Product Name: Solar Module Warranty Insurance 
3. HDFC ERGO GICL
   Product Name: Solar Panel Warranty Insurance
4. ICICI Lombard General Insurance Company Limited
   Product Name: Photovoltaic Panel Warranty Insurance
5. IFFCO-Tokio General Insurance Co. Ltd.
   Product Name: Photovoltic Sales Policy
6. Cholamandalam MS GICL
   Product Name: Chola Solar Plant Protect Policy
7. Reliance General Insurance Company Limited
   Product Name: Reliance Solar Photovoltaic Module Warranty Insurance (Manufacturer Insurance Policy)

Coverage Offered:

The New India Assurance: 

The New India Solar Energy Insurance Policy is sold as a package and protects the Seller and Buyer and therefore provides a very strong marketing advantage for the Photo Voltaic (PV) module manufacturer.
The Sales cover insures the PV modules of specific Sales Contracts, which can be chosen by the manufacturer.
The Buyers Cover allows the buyers of PV modules to claim to the insurer in the event of manufacturer's
insolvency. Each Sales Contract, and therefore each Buyer, has a clearly assigned limit and deductible, increasing the bankability of the project.

Tata AIG General Insurance:

Section A : covers the contractual liabilities of manufacturers, arising out of the long-term performance and product warranties provided for PV modules which are sold internationally, either to its local sales offices, or directly to its customers. It indemnifies the costs and expenses necessary to fulfil its obligations under the Warranty.
Section B : provides financial protection to the buyers of the PV Modules in case the manufacturer becomes insolvent.

HDFC ERGO GICL:

The product is designed to protect the balance sheet of the solar module manufacturers as well as investment of the buyers or sellers of solar panels by covering the losses to solar modules with regards to their performance & product warranty, which is offered by manufacturers to the buyers and also against insolvency risk of manufacturer

Solar Panel Warranty Insurance Section 1 covers: In the event that, during the indemnity period, a breach occurs in either product or performance warranty, the Company will indemnify the Insured for its loss directly resulting from such breach.

Solar Panel Warranty Insurance Section 2 covers: In the event that, during the indemnity period, a breach occurs in either product or performance warranty, the Company will indemnify the beneficiary for its loss resulting from such breach, but only if the Insured has failed to comply with its contractual obligations under the product or performance warranty in respect of such breach due to the insolvency of the insured.

ICICI Lombard General Insurance:

The coverage in the product would be related to the warranty provider, manufacturer, is insolvent and
underperformance in solar modules on the account of performance degradation of the solar panels insured below the performance warranty due to the following perils a)faulty manufacturing b)material defects and c) material ageing beyond normal wear & tear and degradation.

IFFCO-Tokio General Insurance:

This policy covers the Performance warranty given by the manufacturers. In addition to Performance warranty, it also covers the product warranty issued by the manufactures. This policy is extended to cover Buyer of the Photovoltaic modules provided the manufacturer becomes insolvent. Buyer can also buy the policy over and above the Indemnity limit under Photovoltaic Buyer policy as a top up cover.

The loss to the Buyers of the photovoltaic modules is indemnified provided manufacturer becomes insolvent or top up cover is opted. The insolvency of the manufacturer/Insured makes it impossible to satisfy obligations to indemnification under Photovoltaic Sales Policy & only permits recovery under Photovoltaic Buyers policy

Cholamandalam MS GICL:

This policy provides coverage for shortfall in deemed energy production due to lack of solar irradiation

Reliance General Insurance:

The Policy provides cover to the Manufacturer of Solar Photovoltaic Modules for Product and Performance
Warranty. The Policy also covers the Buyer(s) of the Solar Photovoltaic Modules in case of insolvency of the
Manufacturer. Insured Perils: Only losses arising solely and directly from the following perils are covered for Photovoltaic Module Failure under this Policy:
(i) Faulty Manufacturing;
(ii) Material Defects; and
(iii) Material Ageing. 

Summary

In summary, Solar Insure offers a comprehensive and robust warranty solution for solar energy system owners. Embrace the future of solar energy with confidence and ensure your system remains efficient and valuable for years to come.