Renewable Energy Insurance

What is renewable energy insurance?

Renewable energy insurance helps provide solar energy, green energy, and alternative energy companies with full replacement cost coverage for renewable energy equipment, even during the construction or installation process.
 
The Hartford also has an option for green energy companies that can be added to the business’s Inland Marine insurance policy to cover buildings and other structures while alternative energy equipment is being installed. And when a business’s alternative energy equipment is unable to generate power, renewable energy insurance coverage from The Hartford can help replace the resulting lost income, tax credits, and other incentives.
A Renewable Energy Equipment Choice insurance policy from The Hartford will help cover physical damage to solar, photovoltaic, and geothermal equipment. This includes renewable energy equipment that is in the process of being installed or constructed as well as equipment that is operational.
 
Newly acquired alternative energy equipment is also automatically included on our renewable energy insurance policy. The Hartford understands that when a business purchases something like renewable energy equipment, that business may not get around to updating its policy immediately. That’s why The Hartford can extend coverage for new and replacement alternative power equipment for 45 days.
 
For example, if a business adds three more solar panels to its existing 10-panel installation, that business has plenty of time, 45 days, to update its Renewable Energy Choice insurance policy. In the meantime, those three additional solar panels are automatically covered under the business’s current Renewable Energy Equipment Choice insurance policy from The Hartford.
 
Buildings and a business’s personal property are also covered under a renewable energy insurance policy. This policy covers damage to or loss of an alternative energy business’s ancillary buildings or structures – even if they’re under construction during the time of loss. An alternative energy insurance policy also covers business personal property as well as business personal property that is in the policy holder’s custody and control, whether it’s located on or off premises, in storage facility or in transit.
 
The benefits of a renewable energy insurance policy are not limited to machinery and structures. The Hartford's Vegetative Roofing benefit can automatically provide up to $10,000 coverage for direct physical loss to a business’s trees, plants, lawns, sod and vegetative roofing.
Our Renewable Energy Equipment Choice insurance policy from The Hartford offers an optional “green” upgrade equipment replacement benefit. This “green” property replacement benefit provides up to an additional 25% of the adjusted loss (subject to the policyholder’s limit) to replace damaged, covered property with “green” property or more efficient, environmentally friendly materials.
 
With a Renewable Energy Choice insurance policy, covered equipment that is damaged or destroyed will be replaced with equipment that is of the same type, function, capabilities, size and quality if the policyholder’s damaged equipment can’t be repaired or rebuilt. This benefit is just one of the many ways that The Hartford promotes green energy and environmental awareness.
 
Sometimes, after an accident, the cost of debris removal and disposal can exceed the cost of the damage to the physical property. With The Hartford's alternate energy insurance policy, businesses and renewable energy companies are covered up to the first $100,000 in full, or 25% of the amount payable. This includes recycling expenses. Best of all, businesses have ample time, 180 days in fact, to report the loss.
 
The Hartford’s optional equipment breakdown benefit when added to our renewable energy insurance policy includes testing of the equipment and covers businesses and renewable energy companies for direct physical loss resulting from mechanical breakdown, including rupture or bursting, electric arcing or explosion. It also includes:
 
  • $25,000 to repair or replace covered equipment due to contamination that results from a covered cause of loss
  • Additional proceeds to clean up or dispose of the contaminated property
When a business’s renewable energy equipment is damaged, not only could that business lose income, but it may also lose tax credits and financial incentives that are earned from using green renewable energy and equipment. That’s why The Hartford's Renewable Energy Choice insurance policy helps provide coverage for:
 
  • loss of income including income from rented or leased property
  • operating expenses such as payroll
  • tax credits that would have been earned
The Hartford's Renewable Energy Choice insurance policy provides seamless coverage from construction to completed operation.
 
Extra expenses are also covered to help get businesses and renewable energy companies up and running after a covered loss by providing funding for the relocation and cost to equip and operate a temporary business location.
 
In addition, coverage is available to help pay the “green” soft costs incurred as the result of a covered loss to covered property. This includes coverage for the costs to engage qualified engineers’ and architects’ as well as the administrative fees to apply for green certification.
Experience. With over 200 years of experience insuring businesses, The Hartford leads the way in renewable energy insurance.
 
Flexibility. Our valuation options provide businesses and renewable energy companies with the flexibility to tailor coverage based on their unique needs with the choice of:
 
  • agreed value
  • 100% coinsurance
  • a maximum period of indemnity
  • a monthly indemnity loss
Expertise. Our renewable energy insurance specialists work directly with insurance agents and brokers to provide coverage made specifically for energy conscious businesses. Our risk engineering consultants understand renewable energy exposures and can help businesses and renewable energy companies improve their profitability by helping them find ways to improve the safety of their facilities and operations.
 
Great claims experience 24/7. Customers consistently give The Hartford among the highest rankings in the industry for their claims experience. Our claims service is available 24 hours a day, seven days a week and is dedicated to getting businesses and renewable energy companies back up and running as quickly as possible. We offer industry-leading customer service and support, as well as fair claims adjusters who help ensure that our business customers can prevail even under the toughest circumstances.

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