Sushant Sarin, Executive Vice President - Commercial Lines, Tata AIG General Insurance Company Ltd outlines how insurance risks can be minimised during configuration and construction itself.
Energy from sun is abundant and the sun will continue to shine for billions of years to come. While the solar energy is inexhaustible and renewable, its irradiance is environment-friendly. The solar power system does not emit toxic gases, which are environmentally damaging. In addition, silicon, the raw material in making solar cells, is the second most abundant element in the earth's crust.
Since the solar industry has been developing and the technology is maturing, the photovoltaic (PV) power systems are efficient for both commercial and residential use. The price of PV systems is also more affordable now due to recent price cuts. As a result the demand for insurance cover and reliable loss prevention advice has also increased.
Insurance brokers and individual insurance companies consistently viewed insuring PV technologies as an emerging niche market. However, the technical aspects of PV modules and the physical infrastructure necessary to support PV modules on rooftops or on ground configuration remains a new subject to be understood. As a result of their exposed location, PV systems are subject to various set of hazards. In addition, the PV system itself can also become a hazard, both to the plant/building and surrounding area.
These risks are faced from:
The overall property and liability risk for each photovoltaic system is unique, especially if systems are retrofitted on buildings. The level of protection needed should be based on an individual risk analysis. The following can be used to reduce the risk:
1. Overall Quality of the Erection and Commissioning
2. Lightning and Surge Protection
3. Natural Hazards
4. Fire Protection (includes roof top and ground mounted)
In India, project insurance and operational insurance policies are designed considering the exposure/hazards associated with solar power plants.
The project insurance for solar power plant is categorised under EAR (Erection All Risk), which will cover all risk (including testing and commissioning) from the time the material lands at the site and cover continues till commencement of commercial production or handover or expiry of policy whichever happens earlier.
We have various policies under operational phase categorised under Named Perils and All Risk form.
Named Perils policies
All Risk Form
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