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LIABILITY INSURANCE SOLUTIONS FOR SOLAR PHOTOVOLTAIC MANUFACTURERS

Time: 7/17/2013 4:34:51 PM                       Publisher: Staff
 
The Solar industry is dynamic, global, and an essential alternative energy technology. Whilst globalisation presents huge opportunities for growth and profit, overseas operations present additional risks, often not present in domestic operations. Legal, regulatory, and currency risks, along with cultural differences may arise, and gaining the confidence of Independent Power Producers (IPP), project financiers, commercial users and individual consumers is challenging. PV manufacturers with established track records, financial stability and the proven manufacturing capabilities that meet or exceed international standards, are the companies best positioned to win the trust of Solar consumers.
 
Whatever your business model, you can’t afford to be without insurance or with an insurance carrier that is not dedicated to the solar industry. An Enterprise Risk Management process that includes the purchase of product liability and Errors & Omissions (E&O) insurance will help protect a PV manufacturer from loss and limit the potential of alienated customers, suppliers and distributors, loss of market share, damaged reputation and diversion of key resources to handle complex litigation.
 
Risk management focused companies will enjoy a competitive advantage, particularly when dealing with foreign customers who are looking to do business with financially strong and stable companies that have good risk management procedures and are insured with an insurer that has a global presence.  
 
Longevity, experience or expertise are frequently cited as characteristics separating one insurer from another, but Chubb has been in business for over 130 years. Our philosophy is simple, develop deep industry exposure and partner with our customers to find cost efficient insurance solutions that meet or exceed their expectations. We have designed a range of liability insurance products to meet the complex needs of the Solar PV industry and to protect them from potential litigation threats. It’s no surprise that Chubb has become an insurer of choice for many Solar PV companies around the world.

A commitment to provide a market with global capabilities and stability, both today and tomorrow.

 
An industry this dynamic needs an insurer that will be around for a long time. Our top financial ratings, our dedication of resources to this industry, and our relationships with renowned testing organisations and industry associations demonstrate our lasting commitment to this emerging business.
 
 

 

What insurance cover can Chubb provide?
 
Chubb specialises in addressing the established and emerging liability risks faced by PV Solar companies. Our specialist underwriters offer tailored insurance solutions to meet the changing exposures of this industry, frequently offering coverage features that were previously unavailable.
 
General and Product Liability Insurance
Chubb’s general liability insurance policy offers broad insurance for most facets of a PV manufacturer’s business operations. Products and completed operations insurance offers protection for bodily injury and property damage claims or suits that result from faulty design or manufacturing.
 
Errors & Omissions Liability Insurance
E&O insurance is designed to respond to claims for economic losses sustained by your customer because of a defect, deficiency or inadequacy in the PV modules or the failure of the PV module to meet the obligations of a contract or agreement.
 
 
 
 
Target Market
 
Our liability insurance solutions are designed for companies involved in this industry segment, including:
 
  • Solar PV Cell and Module Manufacturers 
  • Component part manufacturers for solar modules
  • Specialized equipment manufacturers for making, assembling or packaging cells, components, or finished modules  
  • Information technology companies that provide tracking, measuring, monitoring or control software, hardware or systems for the solar industry 
  • Distributors and Value-added Resellers of cells, components or finished modules
 
We are not actively pursuing Solar Module Retailers or companies performing construction or installation of Solar Modules.
 
 
THE VALUE OF INSURING WITH CHUBB
 
Chubb is an industry leader in providing innovative insurance solutions to emerging and fast-evolving industries, especially Solar PV companies, due largely in part to our deep technical expertise:
·         Underwriting. Our local underwriters understand your business, take the time needed to get to know your individual company, are experienced in identifying complex risks, and have decision-making authority to provide the responsive insurance solutions for you.
·         Loss control. Our loss control risk engineers possess deep expertise in solar and provide valuable exposure assessment and risk mitigation recommendations.
·         Claim service. Chubb has earned its reputation for providing claim service in a prompt and fair manner. You and your agent or broker have access to our claims expertise 24/7.
 
Global reach. Chubb has underwriting, loss control, and claim specialists “on the ground” in 120 offices in 27 countries, which gives us knowledge of local business conditions and trends and helps assure you of a fast, personal response to your inquiries.
 
Financial stability. Chubb’s financial stability and ability to pay claims rate among the best in the insurance industry, as attested by Standard & Poor’s, Moody’s, and A.M. Best Company, the leading rating services.
 
FOR MORE INFORMATION
 
If you would like more information on our products and E&O liability solutions for the PV solar industry, please contact your broker or us at the following email: kmstevens@chubb.com.
 
 
 
 
Chubb Group of Insurance Companies 
Warren, New Jersey 07059
www.chubb.com                                                                                                                                                                                                                                              Form 75-02-1649 (Ed. 07/12)     
Chubb refers to the member insurers of the Chubb Group of Insurance Companies.
The information contained in this brochure is descriptive only and not intended to be comprehensive. Whether or to what extent a particular loss is covered depends on the facts and circumstances of the loss and the precise coverage of the policy as issued. Chubb recommends considering our policy wording in deciding whether to acquire or to continue to hold Chubb insurance products. 
 
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