The OnePoint Solar insurance product will be available for commercial-scale solar projects between 100 kw and 3 MW in size, or $10 million or less in total insured values.
The insurance bundle offers property and liability coverage as well as a warranty management program that allows developers to address risks that have traditionally made financing difficult for these mid-sized projects, said GCube, a renewable energy insurance services company.
Assurant launched its solar insurance and warranty management program in May to serve the mid-sized solar project development market. Through the partnership with Assurant, GCube will be able to offer the warranty program alongside its existing property and liability insurance offerings.
Assurant developed the specialty insurance program because most commercial insurance offerings were geared towards utility-scale projects with high minimum premiums that were too expensive for many mid-sized developers, the company said.
Assurant already operates a warranties and service contract business, separate from its solar unit, that generates about $1.8 billion in revenue a year. Under its solar program, the company will provide claims authorization, payment and management of any warranty claim a developer has on any piece of warrantied equipment within the project. The warranty program also offers optional coverage for de-installation labor, shipping costs and re-installation of covered components.
The AstroSol Tech Park AZ solar project, a 38.5-acre PV facility within the University of Arizona Tech Park, is one of 11 solar projects already insured by Assurant’s solar program. When connected to the power grid, AstroSol Tech Park will generate 11,565 MWh each year, enough energy to power about 1,000 Tucson homes.