HARTFORD, Conn., Jun 09, 2010 (BUSINESS WIRE) --According to the National Renewable Energy Laboratory, a fourfold increase in demand for and production of solar photovoltaic (PV) is expected between 2008 and 2012. To help protect its clients who are installing solar panels and energy systems and operating solar farms, Travelers (NYSE: TRV) added SolarPak coverage to its EnergyPak series of insurance products and services offerings.
"The potential for continued growth in renewable energy, specifically solar technologies, is great," said Lauren Berry, Chief Business Development Officer, Travelers Inland Marine. "We created the SolarPak coverage to help our current and potential customers manage the unique, individualized risks that come with working with solar PV."
SolarPak coverage was built to meet a wide variety of needs for solar operations. The scope of coverage encompasses the entire life span of a solar farm or operation, from early stage feasibility and development to the operational phase. Key features of the SolarPak coverage include:
- Feasibility Phase: Property at site assessment locations - towers, weather-data gathering equipment and property awaiting installation would be covered.
- Construction Phase: Builders' Risk coverage is built into the SolarPak coverage form and can be tailored to individual needs. Automatic coverage extensions include transit/temporary locations and mechanical/electrical breakdown perils.
- Operational Phase: A seamless transition from the Construction Phase is possible with SolarPak, as it is also designed to cover permanent operations for solar PV energy systems and its related property and equipment and business interruption.
Berry added, "With the increased interest in power generation technologies that are considered 'clean,' the availability of renewable energy financial incentives and continuous innovation in the multiple applications of solar technology, the SolarPak coverage may help to open up new business opportunities for our network of independent agents and brokers."
Considerations specific to the solar industry are contemplated within the SolarPak coverage form, such as business income including production tax credits, green valuation with upgrade for replacement property which is more efficient, debris removal including additional expense for recycling, mounting rack systems, inverters and spare parts, operations and maintenance structures, and loss warranty or service contract reimbursement. The product offering provides seamless capabilities to write associated coverages such as contractors' equipment, general liability, hired and non-owned auto and umbrella.
Travelers Inland Marine has provided coverage for renewable energy in the wind farm industry for almost a decade. With the recently launched EnergyPak series of products, Travelers Inland Marine now offers coverage for a broader range of renewable energy sources, from small to large wind farms to a range of solar applications. The Inland Network highlights its commitment to this industry by providing access to services from Risk Control, Claim and Specialty Investigations, ranging from consultations at project sites and operations and maintenance facilities to investigations of theft trends, such as solar panel theft.
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2009. For more information, visit http://www.travelers.com/.
Coverage for all claims or losses depends on actual policy provisions. Availability of coverage can depend on underwriting qualifications and state regulations.
SOURCE: Travelers Companies, Inc.
Travelers Companies, Inc.
Jeffrey S. Weir, 860-277-8692