Solar Insurance & Finance succeeded in creating more value for QS solar through a transaction for a long term performance warranty insurance for PV Modules in co-operation with Munich Re.
Munich Re is the reference reinsurance company for the PV sector and only supports companies with a long-term strategy and lasting potential. The insurance cover developed by Munich Re’s unit Special Enterprise Risks will be implemented for Munich Re by one of the group’s primary insurers.
We are proud to announce that Solar Insurance & Finance facilitated this insurance for QS Solar. Knowing customers needs and adding the right value is daily business for Solar Insurance & Finance (www.solarif.com). So when René Moerman of Solar Insurance & Finance spoke to Lynn Sha of QS Solar he realized that the warranty insurance of Munich Re was the right match for them in adding economic security.
Acting as servicing broker he made the contact between the two companies and provided QS Solar with necessary help and assistance. Making this transaction possible proves the professionalism and knowledge in the insurance market in the PV industry of Solar Insurance & Finance.
QS Solar has now become one of the few companies in the world who has an international insurance policy for their warranty obligations with Munich Re.
QS Solar, developers of thin-film technology for solar panels, herewith provides investors a great deal of economic security in the event of an unforeseen loss of performance of the modules. This warranty means that the power output is not only guaranteed but is also insured for 25 years. The insurers will indemnify for any reduction in power loss from PV's warranted, 90% guaranteed energy output in the first 10 years and 80% in the following 15 years.
As Mss. Lynn Sha from QS Solar says, ''even though we proved the reliability of our products and built successful partnerships in reference projects in Europe and Asia, we needed to help our customers reach full bankability on the projects they are building with QS Solar thin-film modules. In this evolving market with many suppliers, having international reference insurance will be a huge competitive advantage and another proof of long-term quality products and customer service”.
René Moerman, CSO of Solar Insurance & Finance, a leading internationally operating insurance broker, specialized in the insurance of solar energy installations says: “this is for us a confirmation we add value to our customers by combining our clients’ needs with our insurance experience in the PV sector. Due to this experience we can help our clients to be more successful as we know what the market has to offer for them and in addition to that; make these kind of insurances possible for them through our network. The people of Munich were very helpful in the process. Also the people of Sunchine Inc. in China helped the process going smoothly”.
As the solar market is growing excessively the types of key players grow accordingly and the needs of investors will be more demanding. Transactions like these create more awareness by the suppliers and investors that a good insurance through the whole chain is essential for a successful and long lasting business. As Solar Insurance & Finance is already a leading company within the insurance of the European PV industry, this warranty developed and offered by Munich Re is a valuable addition to the existing insurance in which they provide consumers and investors insurance against calamities or catastrophes caused by external forces.
The two organizations, with the help of the professionals of Munich Re are satisfied about this major steppingstone in insurance solutions within the solar business.
For information concerning Solar Insurance & Finance : www.solarif.com
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