LDK Solar Announces Worldwide Extension and Advanced Features of Warranty Insurance
XINYU CITY, China, and MUNICH and SUNNYVALE, Calif., June 19, 2013 /PRNewswire/ -- LDK Solar Co., Ltd. (NYSE: LDK) ("LDK Solar") a leading vertically integrated manufacturer of photovoltaic (PV) products, together with its partner Solarif, a fully mandated underwriter of HDI-Gerling Netherlands for PV insurances, today in conjunction with the opening of InterSolar Munich 2013, announced the worldwide extension and further advancements of the warranty insurance package, LDK Solar Secure Insurance.
After the initial introduction in Europe, LDK Solar Secure Insurance has now been extended to worldwide coverage, including emerging solar PV markets as China, South America, Australia and Africa. The U.S. and Canada are also covered for projects with a minimum size of 1 MWp. The only exclusions are countries where legislation prohibits issuing the Solar PV Insurance, such as India.
Following the introduction phase for larger commercial PV systems, the insurance offer has been extended to the target group of commercial and residential customers, including smaller PV installations less than or equal to 300 kW.
All modules of LDK Solar will have a 1-year insurance package inclusive in the module price (´value offer´). This package contains 1-year All Risk system insurance as well as 1-year insured warranty and cover of damages due to inherent defect, which becomes valid upon application by the customer. Additionally, customers will have the opportunity to double the coverage at a one-off surcharge to a 2-year insurance package together with increased warranty conditions by upgrading to the LDK Solar 'professional offer'. After this initial period customers can extend the coverage based on individual risk assessments up to 20 years.
Since the introduction in June 2012, more than 100 MW of installed LDK Solar modules have been covered with LDK Solar Secure Insurance in several countries.
LDK Solar Secure Insurance provides customers a complete insurance package combining an operational 'All Risk Insurance' with a Warranty and Inherent Defect insurance. It includes a full backup of LDK Solar Product and Power Warranties on PV modules. Additionally, the embedded All Risk Insurance applies to all other components of the PV system. With this comprehensive solution each LDK Solar customer can secure their investment against external damages like theft, vandalism, hail, lightning strike or snow load, as well as internal damages resulting from an inherent defect. In case of a warranty claim customers will also receive compensation for production loss during the warranty exchange period.
The insurance package is covered by HDI-Gerling Netherlands, an A rated insurance company and one of the biggest German insurers of property & casualty. As an independent third party, Solarif completed a successful audit on LDK Solar's manufacturing process and product quality.
René Moerman, Chief Strategy Officer of Solarif: "The demand for PV Insurance is increasing worldwide especially in large markets like China, Japan and other emerging countries. We are continually enhancing our offering and we are pleased to expand our insurance network worldwide to extend our collaboration with LDK Solar."
Mr. Tong, CEO of LDK Solar: "We are pleased to address the increasing demand from emerging markets with our comprehensive warranty insurance package by making it more broadly available to customers."
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California.
In Europe LDK Solar is represented with its Headquarters in Zurich, Switzerland and has offices in Germany, Italy and Spain as well as further sales representatives in France and the UK managing Sales, Marketing and Customer Service.
For more information about LDK Solar and its products, please visit us at Intersolar in Hall A3 at booth 150 or on the LDK Solar website www.ldksolar.com.
About Solar Insurance & Finance
Solarif, or Solar Insurance & Finance, is an internationally operating, independent insurance broker with a full focus on insurance for PV installations. Their extensive knowledge of the solar market enables them to create insurance solutions that perfectly fulfill our customers' wishes, for example the 'Inherent defect and warranty' option.
Solar Insurance & Finance provides insurance for PV owners, manufacturers, installers, project developers and investors. Leading European A-rated insurers are the risk bearers for their insurance policies.
Safe Harbor Statement for LDK Solar
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
SOURCE LDK Solar Co., Ltd.