Posted on 03 Jun 09
Munich Re, industrial insurance broker Marsh and photovoltaic producer Signet Solar have jointly launched a new insurance solution to cover the possible risk of performance deterioration in photovoltaic modules. This unique insurance solution, which is being implemented for Munich Re by one of its primary insurers, covers the performance warranty of Signet Solar modules for a period of 25 years. The warranty guarantees that the modules will perform to at least 90 percent capacity in the first ten years and to at least 80 percent in the remaining 15 years.
The insurance solution offers module producers a greater degree of business certainty and allows operators of solar parks deploying Signet Solar modules to finance photovoltaic installations more easily and with increased flexibility. In preparing the ground for this concept, Munich Re’s Special Enterprise Risks experts played a leading role in developing the product, which involved several months of detailed examination of the high quality standards and manufacturing processes used by Signet Solar.
Thomas Blunck, member of Munich Re's Board of Management: "Measures to counter climate change – and in particular the specific expansion of new energy production technologies – also open up major business opportunities for insurers. Munich Re has devised special risk-transfer products especially for complex risks connected with renewable energies, including the performance guarantee cover for which we were able to win over Signet Solar as our first client."
Jochen Körner, member of insurance broker Marsh’s Executive Board, who was involved in developing and marketing the insurance product, stressed: "Our specialists in the Marsh Industrial Practice Power team brought all of their technical experience to bear here. The insurance policy designed specifically to meet the needs of the photovoltaic industry gives operators of solar parks a clear advantage with banks and credit institutions, especially in these turbulent times."
The managing director of Signet Solar GmbH, Gunter Ziegenbalg, was clearly satisfied with the conclusion of this agreement: "For our clients, this insurance solution is a major stepping-stone in financing photovoltaic projects. It ultimately gives operators of solar parks additional economic security in the event of an unforeseen loss in performance of the modules. I am particularly pleased that, in Munich Re, Signet Solar now has the backing of a renowned and strong partner to support our guarantee of thin-film modules with a product service life of 25 years."