PowerGuard partners with Upsolar to provide industry-leading insurance policy
Upsolar, a leading international solar module supply partner, today announced its new warranty program, backed by PowerGuard Specialty Insurance Services, a coverage holder specializing in unique insurance and risk management solutions for the wind and solar energy industries. Effective December 31, 2010, Upsolar’s high-quality solar photovoltaic (PV) modules will be supported by PowerGuard’s industry-leading PowerCLIP warranty program, providing the most comprehensive coverage available to PV manufacturers.
The 25-year, non-cancellable PowerCLIP policy offers unmatched protection through PowerGuard’s network of internationally respected insurance providers, all with A.M. Best Financial Strength Ratings of “A” (Excellent) or better. PowerCLIP enables Upsolar to provide secure, long-term insurance coverage to the company’s global PV customer base by mitigating risk, empowering them to overcome a primary obstacle in securing project financing.
PowerCLIP provides immediate coverage for issues such as serial defects and delaminating of modules, while similar warranty policies in the market require a waiting period of up to five years for coverage to take effect. The policy also backs Upsolar’s new Limited Peak Power Warranty. This enhanced warranty offers five-year product coverage for defects in materials and workmanship and features a power output guarantee with trigger points at years 3, 7, 12, 16, 20 and 25 to provide superior warranty protection versus the industry standard 10- and 25-year trigger points offered by most module suppliers. With the PowerCLIP warranty, Upsolar has effectively created, in collaboration with Dan Francis of Edgewood Partners Insurance Center (EPIC), a non-cancellable, securitized module warranty that remains in place 25 years, without question, for its valued customer base.
“Our firm has a reputation for exclusivity, selecting only five percent of warranty applicants to ensure premium reliability from our coverage policies,” said Mike McMullen, Managing Principal of PowerGuard Specialty Insurance Services. “We were impressed with Upsolar’s commitment to quality and customer satisfaction and strongly believe the company provides its stakeholders with a sound solar investment. We are proud to extend our services to Upsolar and solidify its position as one of the most bankable technology providers in the solar industry.”
