GCube Insurance said despite representing less than 2% of total claims filed, hail damage represents over 50% of total costs incurred.
Retail clients can access quote and bind to insure U.S. C&I solar projects with limits on replacement cost of $2 million to $20 million per project site location, according to NARDAC Insurance Services.
Clean Energy Associates found a myriad of problems at solar installations around the world, noting that because most are caused by poor installation practices, many can be identified and resolved relatively easily before they lead to fires, safety risks and potentially costly liabilities.
Hail events have historically posed a considerable risk for utility solar projects, with weather instances creating up to $100 million in damages at large projects located in “Hail Alley” states such as Texas.
In some instances, the cost of insurance could exceed 25% of annual operating and maintenance expenses, said insurance broker Marsh. The firm offers five actions to properly evaluate risks and drive portfolio growth.
Once considered a low-cost investment, the price to build solar assets has increased considerably. To combat rising costs due to inflation, kWh Analytics partnered with project developer Pivot Energy to provide Solar Revenue Put production insurance across the developer’s multiple distributed solar projects totaling 70 MW in six U.S. states.
Yes Solar Solutions sees NABCEP as the gold standard for electrical installers and the only accreditation for solar installation companies.
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