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Daily Insurance Industry News
Wednesday 13th of December 2017
October 7, 2010

Munich Re scores solar panel first

by Gill Montia

Story link: Munich Re scores solar panel first

Munich Re says it has introduced the first insurance solution to provide an effective performance warranty for certain types of solar panel in the US.

The new plan covers concentrator photovoltaic (CPV) systems manufactured by SolFocus and has been devised in collaboration with the manufacturer and broker Woodruff-Sawyer & Co.

The insurer and reinsurer already makes its performance-warranty offering available to several manufacturers of photovoltaic cells based on other technologies, but this is the first CPV offering.

Under the agreement, SolFocus will provide customers globally with a 25-year warranty for its CPV systems for power performance, and if any product fails to meet the specifics of this warranty, then the Munich Re cover attaches.

With a view to climate change, Munich Re has been developing a number of coverages that reduce the risks in renewable energy for investors.

The firm’s spokesman, Thomas Blunck, says: “We are also close to marketing similar performance-guarantee products for other technologies in the renewables sector such as wind or solar thermal energy.”

 

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