PV manufacturer picks up unique policy from Lloyd’s of London

Lloyd’s claims that policy has not been issued until now

PV manufacturer picks up unique policy from Lloyd’s of London

Insurance News

By Terry Gangcuangco

Photovoltaics manufacturer Autarco has launched a kWh performance guarantee programme, with bespoke cover developed by Lloyd’s of London that has been described as an industry-first.

“We have carried out rigid tests on all technology of Autarco in order to be absolutely certain that all risks are well covered by them,” said Lloyd’s of London in a statement, as reported by edie.net. “It is a unique insurance, which we could not issue until now, since no other market player has been able to do this.”

The promise? Autarco claims the solar solution it provides removes risk by ensuring that all components work seamlessly, according to the report. Businesses can claim lost kWhs – at a predetermined compensation rate – if the system fails to deliver the calculated normal performance.

“That’s exactly the offer of Autarco: we optimise the hardware, we measure the performance, we signal possible problems, and therefore we can guarantee the performance and insure it,” chief executive Roel van den Berg was quoted as saying in the report. “This is done in five-year periods and the settlement of the policy is handled by an independent foundation.”

Meanwhile working alongside the hardware elements such as solar panels and inverters is software that takes into consideration environmental factors when determining how much energy can be generated.

“With the insurance proposition, we feel that we can speed up the energy transition,” added the CEO. 

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