Delhi, December 17, 2017: SecureNow Insurance Broker (SecureNow) in collaboration with a leading general insurance company has issued a first of its kind Solar Module Performance Warranty (SMPW) Insurance in India. The said product is an added measure of protection for the panel warranties which a panel manufacturer (OEM) with the help of an insurer offers to its customers.
The Government of India launched the National Solar Mission which has set a target of deploying 100,000 MW of grid connected solar power by 2022, and is aimed at reducing the cost of solar power generation in the country. Owing to this ambitious commitment, over the past few years, the solar power industry has observed a remarkable growth. On the route to pursue this goal, there are a lot of associated risks that present itself in each phase of a solar project life-cycle – right from construction to operation to decommissioning. One kind of risk which was not covered till date was inept performance of modules due to equipment defect and other factors.
The SMPW Insurance addresses a key issue in the large and fast growing solar energy sector. SMPW Insurance guarantees the supplier’s warranty on Solar Panel Performance. The insurance is required because the warranties extend to tens of years and there is a real risk that suppliers will go bankrupt or will be unable to pay if their solar panels fail prematurely.
A financially protected company gives confidence to its customers especially in the solar space where the ever changing technology has internationally resulted in so many bankruptcies of the original equipment manufacturers. Quoting Abhishek Bondia, Managing Director and Principal Officer of SecureNow – “This is a new insurance in the Indian context and we can expect to see more of such policies in the market in the years ahead. With the placement of this policy, we have taken one step closer to opening the gates for innovation toward many such unique, customer centric products.”
The SMPW Insurance safeguards the solar park developers against performance degradation of the modules under warranty due to the following risks:
1. Material Defects
2. Faulty Manufacturing
3. Material Ageing
SecureNow is a young insurance broking firm, distributing pure-risk commercial insurances to small and medium enterprises. It has created a niche for itself by focusing on the under-served SME market by leveraging technology. It is a full service firm that provides claims support to small companies in addition to placing quality insurances. Their service offerings include all products in Group Insurances, Commercial Insurances and Individual Insurances.
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