HARTFORD, Conn.--(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.
About Travelers
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 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.
Contact:
Travelers Companies, Inc.
Media:
Jeffrey S. Weir, 860-277-8692
jsweir@travelers.com