Leading insurer makes move to sustain global solar industry growth.
London. GCube Underwriting Limited, the leading provider of insurance services for renewable energy technologies, today announces that it has grown its solar property coverage from $300 Million USD to $500 Million USD for any single solar project or phase.
The news comes at a particularly bullish time for large-scale projects in the global solar industry. Buoyed by improving tariffs, subsidies and infrastructure, many countries are increasingly turning to the solar industry as they strive to meet 2020 climate targets.
In response, progressive members of the renewable energy insurance community are taking it upon themselves to grow their insurance coverage to support this booming industry. Solar energy developers are, in turn, increasingly looking towards specialist insurers who can provide this service and that understand the associated risks of large-scale solar projects.
“We expect to see large-scale utility projects around the globe really start to take off as a result of the various government incentives promised between now and 2020. It will require a concerted effort from the insurance community to support these large scale projects and thus sustain the expected levels of growth in the global solar industry,” said Tim Kinsella, Senior Vice President of GCube Insurance Services.
“By increasing our solar property coverage to $500 Million USD, we have sent a clear message of support to the solar industry, and have cemented our position as a major insurer of solar energy technology.”
GCube’s property coverage for solar projects includes Transit, Construction, Operational All Risks, Mechanical and Electrical Breakdown, Delay in Start Up, Advance Loss of Profits and Business Interruption (including tax credit and other financial incentives).
GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave and tidal around the globe. Our specialized focus and robust underwriting authority offers unparalleled property and liability insurance coverage for all construction and operational risks. With over 20 years’ experience in the renewable energy sector, we understand the unique exposures of these power generation projects and assist our clients to identify, quantify and mitigate risk efficiently and economically while helping them achieve their business objectives.
GCube is comprised of GCube Underwriting Ltd, based in London, and GCube Insurance Services; headquartered in Newport Beach, CA with offices in New York and Minneapolis.
For utility scale solar project inquiries, please contact our offices:
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London / Worldwide: +44 (0) 20 7977 0200
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