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RENEWABLE ENERGY PACKAGE INSURANCE

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A renewable energy package policy covers damages to equipment which produce and consume solar energy, wind energy and other sources of renewable energy. The policy covers financial loss suffered due to natural or man-made perils like fire, theft, burglary, etc.

The renewable energy package policy is suitable for businesses which generate renewable energy for sale and also for their own production activities.

RENEWABLE ENERGY PACKAGE INSURANCE

BENEFITS

COVERAGE AGAINST FIRE AND ALLIED PERILS
Fire and allied perils cause the maximum damage to energy generating plant, machinery and tools. A renewable energy package policy, therefore, covers losses suffered due to fire, lightning, explosion or implosion, aircraft damage, riots, strikes and any malicious activities, storms, floods, impact damage, missile testing operations, subsidence and landslides, bush fire, bursting and/or overflowing of water tanks or pipes and leakage from automatic sprinklers.

EARTHQUAKE AND TERRORISM COVER
Any damages suffered by the business due to earthquakes and/or terrorism can also be covered under a renewable energy package insurance policy as an add-on cover.

BURGLARY COVER
Businesses face the threat of burglary wherein any forcible entry into the business premises might lead to loss of insureds equipment’s and damage to the premises.

PUBLIC LIABILITY COVER
Public liability coverage is usually offered as a policy extension which is available at the payment of an additional premium. This coverage is important as it covers financial loss caused by the business to third parties which arises out of death, bodily injury or damage to third party property.

ADD ON COVERS

The renewable energy package policy also provides a range of optional coverage benefits so that the policy can be customized and made inclusive. Some common policy extensions which businesses can avail include the following –

  • Machinery Breakdown cover – if the machinery suffers a sudden and accidental breakdown, the coverage would cover the cost of replacement or repairs of the damaged machinery
  • Electronic Equipment cover – under this extension, if the electronic equipment suffers a sudden and accidental breakdown, the coverage would cover the cost of replacement or repairs of the damaged equipment.
  • Fire Loss of Profit Cover (FLOP) – if, due to fire or allied perils covered, business activities are interrupted, it leads to loss of profit. Such loss of profit is covered under this optional extension
  • Machinery Loss of Profit – if the business activities are interrupted due to machinery break down and are covered for machinery breakdown, the business would suffer a loss of profit due to stalled production. Such loss of profit is covered under this add-on

A renewable energy package policy, therefore, provides both inbuilt as well as optional coverage benefits so that businesses can design a policy matching their coverage needs. The premiums of the policy are affordable so that businesses do not have to think twice about insuring themselves against possible financial hazards.

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