Operational All Risk + Inherent defect
The operational all risk insurance consists of two parts, material damage (external calamity) and production loss (business interruption). The inherent defect cover can be taken out as a supplementary insurance.
What is insured?
Material damage (from external calamity)
Cover for damage resulting from an external calamity, such as fire, vandalism, theft (even without breaking and entering), hail damage, lightning, overvoltage, storm and natural disasters* (including flooding, storm with wind speeds above 119 km per hour and earthquakes). Consequential losses, such as labour and transport, are also covered.
Loss of production
In the event of damage as a result of an external calamity, loss of production is insured. Compensation will be paid after the agreed waiting days. The insurance term is a maximum of 26 or 52 weeks (depending on the concluded term).
Inherent defect cover
The inherent defect cover is a supplementary cover to the Operational all risk insurance. With the inherent defect cover, you are insured for inherent defects of your solar panels (up to a maximum of 20 years) and inverters (a maximum of 7.5 years). The inherent defect coverage offers an extension of the guarantee by compensation for consequential damage which is not reimbursed by the manufacturer. In addition, the cover offers a back-up of the guarantee (in the event of a fault) in the event of the factory going bankrupt. In that case, the defective product will be reimbursed in addition to the consequential damage. Do you want more information about inherent defect cover? Please contact one of our advisers.
* The premium depends on the location
Material damage (due to external calamity)
- Cover for damage as a result of an external calamity, such as fire, vandalism, theft (even without breaking and entering), hail damage, lightning, overvoltage, storm and natural disasters (including flooding, storm with wind speeds above 119 km per hour and earthquakes).
- Consequential costs of the damage, such as labour and transport, are also insured.
- Compensation based on new value (at the time of the damage), with a maximum of the original purchase value.
- Low own risk per event.
- Extra supplemental cover for special costs and risks.
- Specific optional cover available, such as inherent defect and contingent business interruption.
Loss of production (business interruption)
- Cover for loss of production in the event of damage as a result of an external calamity and theft;
- Compensation will be paid after the number of agreed waiting days;
- A payment period of a maximum of 26 or 52 consecutive weeks.
Optional: Inherent Defect Cover
In order to better protect your investment and secure your returns, Solarif has the unique “Inherent Defect Cover” as supplemental cover to your Operational all risk insurance:
- Back up of warranty in the event of bankruptcy.
- Extension of the warranty by compensation for consequential damage.
- Covers inherent defects of your solar panels (up to a maximum of 20 years) and your inverters (up to a maximum of 7.5 years).
- Tailor-made premium, depending on the characteristics of your installation(s);
- The annual premium is calculated on the insured value;
- The premium is due upon taking out the insurance;
- The premium does not include policy costs and insurance tax;
- The policy knows a minimum premium;
- Premium payment per year;
- Exclusions include nuclear reactions, war, intent and wear;
- Primary cover. Regardless of whether the damage can be recovered from another insurance policy.
- The solar panels must comply with IEC standards 61215 and 61730;
- The solar panels must have a product warranty of at least 10 years;
- The inverters must have a product warranty of at least 5 years;
- The installation of the solar power installation must be carried out by an installer in accordance with good workmanship.
Specific requirements for ground installation
- Depending on the type of installation (roof, ground or floating), the location and the value of the installation, specific (security) measures are required.