SolarShield Offsets Cloudy Days

Joanna Schroeder

Potential commercial solar project investors have growing concerns about what happens with the sun doesn’t shine. In response to this issue, Walsh Carter & Associates Insurance Services has created SolarShield, a true performance warranty that will guarantee the minimum revenue generated by solar photovoltaic (PV systems) in the event of production shortfalls.

WC_SolarWarrantyChart“We are proud to offer the only true performance warranty for the solar industry backed by a highly rated carrier,” said David Saisi, Vice President of Business Development within Walsh Carter’s solar practice. “Unlike the others, claims do not require proof of negligence or defect on the part of the system developer. Ours is a simple policy that acts as a backstop for financial institutions that are concerned about system performance. Our policy will make up any lost revenue due to system underperformance and it names the bank or financial backer as the loss payee for any claims.”

SolarShield expands upon Walsh Carter’s existing solar product called Total SPF Solar Protection Package — which offers comprehensive coverage for fiscal risks associated with all phases of commercial solar energy projects, including liability or property damage. The company says there are several reasons why SolarShield is different than other products: multi-year policy of three years (other companies only offer renewable one year policies).; financial institution named as the “loss payee” (when there is a claim, the financier receives the check from the insurance company); and a large volume of solar business allows Walsh Carter to negotiate the lowest rates available for clients.

Luigi Resta, Chief Executive Officer of Scatec Solar North America, Inc., added, “Solar insurance is a very specialized field that requires a depth of knowledge about the many fiscal issues associated. The Walsh Carter team has proven invaluable throughout our direct involvement with the financing, construction and operation of PV arrays since our company’s beginning.”

SolarShield’s renewable three year performance warranty program provides an affordable insured guarantee. Underwritten by a highly respected carrier with AM Best “A” and S & P “A+” ratings, this program is consistent with the requirements of many financial institutions, statutory energy funds and investment groups to provide a comprehensive insured performance warranty as part of the financing conditions.

Renewable Energy, Solar