Solar Option Inherent defect and warranty
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Your PV installation is a valuable posses-<br />
sion. Of course you want to make the most<br />
of your investment. Unfortunately, it can oc-<br />
cur that your PV installation becomes dam-<br />
aged or gets stolen. Replacing or repairing<br />
your PV installation involves costs that will<br />
not be reimbursed by your <strong>warranty</strong>, such<br />
as labor costs <strong>and</strong> call out charges. And<br />
what if the manufacturer is bankrupt <strong>and</strong><br />
can no longer fulfill the <strong>warranty</strong> obliga-<br />
tions?<br />
You can secure your investment <strong>and</strong> reve-<br />
nue with a <strong>Solar</strong> PV Insurance of <strong>Solar</strong> In-<br />
surance & Finance. This insurance covers<br />
damage caused by weather conditions, fire<br />
<strong>and</strong> theft <strong>and</strong> compensates the loss of pro-<br />
duction.<br />
You can extend the insurance with the op-<br />
tion ‘<strong>Inherent</strong> <strong>defect</strong> <strong>and</strong> <strong>warranty</strong>’, that<br />
backs up the <strong>warranty</strong>, even if the manufac-<br />
turer no longer exists.<br />
<strong>Option</strong> ‘<strong>Inherent</strong> <strong>defect</strong> <strong>and</strong> <strong>warranty</strong>’<br />
The option ‘<strong>Inherent</strong> <strong>defect</strong> <strong>and</strong> <strong>warranty</strong>’ with the <strong>Solar</strong> PV Insurance<br />
consists of two parts:<br />
1. <strong>Inherent</strong> <strong>defect</strong><br />
In case the manufacturer does not provide compensation, the option<br />
‘<strong>Inherent</strong> <strong>defect</strong> <strong>and</strong> <strong>warranty</strong>’ covers damage caused by an inferior<br />
characteristic (an inherent <strong>defect</strong>) to your modules or inverters. Such<br />
deficiency can result in considerable losses. A <strong>defect</strong> part must be<br />
inspected, disassembled <strong>and</strong> replaced. In this period (part of) your<br />
installation is decommissioned <strong>and</strong> you lose revenue. The cover<br />
knows a maximum of 20 years for modules <strong>and</strong> a maximum of 7.5<br />
years for inverters.<br />
2. Warranty<br />
This provides cover if you have a legitimate claim within the <strong>warranty</strong><br />
period <strong>and</strong> the manufacturer:<br />
Can’t fulfill the obligations due to bankruptcy<br />
Rejects your <strong>warranty</strong> claim<br />
Disputes the liability<br />
The insurance compensates new materials, labor costs, call out charge<br />
<strong>and</strong> loss of production in case of a covered event.<br />
The option ‘<strong>Inherent</strong> <strong>defect</strong> <strong>and</strong> <strong>warranty</strong>’ applies to modules that are<br />
certified by <strong>Solar</strong> Insurance. Certification is the result of a positive audit<br />
on tech-nical <strong>and</strong> financial aspects <strong>and</strong> environmental <strong>and</strong> labor condi-<br />
tions in the factory. For large installations an audit of the installation is<br />
also required.<br />
Why should you choose our insurance?<br />
<strong>Solar</strong> Insurance & Finance is market leader in the solar insurance indus-<br />
try. We offer the best insurance solutions for your PV installation. Our<br />
insurances minimize the risks of your solar projects. This makes your<br />
projects easier to finance <strong>and</strong> attractive to investors.<br />
Cover<br />
Compensation<br />
Validity<br />
Deductible<br />
Depreciation<br />
Policyholder<br />
Bankruptcy<br />
manufacturer<br />
<strong>Option</strong> ‘<strong>Inherent</strong> <strong>defect</strong><br />
<strong>and</strong> <strong>warranty</strong>’<br />
<strong>Solar</strong> Insurance &<br />
Finance<br />
Modules <strong>and</strong> inverters<br />
New materials, loss of production,<br />
labor costs <strong>and</strong> call<br />
out charge<br />
Maximum of 20 years for<br />
modules <strong>and</strong> maximum of<br />
7.5 years for inverters<br />
Insured from first commissioning<br />
Low: depending on the size<br />
of the installation, ranging<br />
from € 125 to € 10,000<br />
No depreciation, full cover<br />
for 20 years<br />
Owner PV installation<br />
Cover remains<br />
Warranty insurance<br />
other insurers<br />
Modules<br />
New modules <strong>and</strong> labor<br />
costs<br />
Maximum of 25 years for<br />
modules<br />
Cover from the 6th year<br />
High: sometimes from<br />
€ 200,000 per claim<br />
Depreciation sometimes 4%<br />
linear per year. This means<br />
that the coverage is 80%<br />
after 5 years <strong>and</strong> 20% after<br />
20 years<br />
Manufacturer<br />
Cover is terminated in most<br />
cases
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