PowerGuard – Specialty Insurance Services, established in 2007, offers various risk insurance plans (‘products and services’ in their terminology) for the protection of a variety of organizations and individuals associated with the alternate energy industry, mainly solar power and wind power industries.
This includes investors, manufacturers, suppliers, project planners / executers, and even individual owners. The company claims a global presence and a trustworthy reputation.
As per figures in second half of 2016, 95,058,778 individual modules installed in various parts of the world are covered by the PowerGuard insurance program.
The powerGuard insurance schemes are designed to facilitate and protect the following:
- Programs for PV Module Manufacturers
- Programs for Project Developers and Owners
- Project Revenue Protection
- Solar Solutions
- Battery Storage Solutions
- Wind Solutions
Photovoltaic manufacture Coverage
Both investors and manufacturers want have their projects risk covered. The PowerGuard warranty program for manufacturers of solar modules offers coverage for a full 25 years of warranty period with coverage starting immediately without any waiting period. Third party components as well as workmanship are included. The protection continues even in case of bankruptcy of the manufacturer. The company has recently added an online module verification program.
Battery and Energy Storage Products
PowerGuard offers a similarly comprehensive and convenient warranty program for firms in the area of battery and other energy storage products also. The warranty life is up to ten years but other provisions are similar.
Project Developers and Owners
A special offer is a warranty specific to a project. This can benefit developers and owners of energy products. Project specific warranty covers an individual project protecting the site and its investors.
Revenue Protection Program
The RevGuard™ program by the PowerGuard Company is designed to cover solar projects against loss of revenue caused by defects in the solar modules, inverters and various other Balance of System components. It covers the revenue so lost including any tax implications and consequences associated with either underperformance or non-performance of the solar project.
This program is designed as protection for lost revenue and would not pay to replace the defective equipment that caused the lost revenue. The equipment replacement costs would still be the responsibility of the project owner or OEM.