Mumbai, Dec 6 (PTI) Non-life insurance provider HDFCERGO General Insurance Company today announced the launch ofthe solar energy shortfall insurance policy to account fornon-traditional and non-physical damage related risks thatsolar projects regularly face.
The policy will cover utility-scale solar farms, greenfields across India, portfolios of rooftop installations forcommercial and residential builds, among others, the companysaid in a statement.
Under the policy the company will cover risks relatedto non-physical damage, such as insufficient amount ofsunshine and its impact on the performance of the project.
The cover also protects against a system being installedincorrectly in a way that was not intended in the design phaseand the impact that has on the revenue models.
Additionally, the policy covers errors in thecalculations of the projected yields that were created forprojects before they turned operational.
Noting that country's solar energy sector representshuge potential for such insurance policies, HDFC ERGO GeneralInsurance Company executive director Anuj Tyagi said, "We aimto indemnify any loss that may occur due to non-physicaldamage of the insured project resulting in Energy Shortfallduring an Energy Shortfall Policy year".
A multi-year policy, the solar energy shortfall insurancewould be issued up to a period of five years. PTI SSM DSKDSK.
This is unedited, unformatted feed from the Press Trust of India wire.