IRVINE, Calif., Jan. 9, 2012 /PRNewswire/ -- PowerGuard Specialty Insurance Services announces that leading Chinese solar manufacturer, LONG ENERGY (Shenglong, Suzhou Shenglong PV-Tech Co., Ltd.), a client of Marsh Los Angeles, has joined the growing number of China-based solar panel manufacturers to adopt PowerGuard's unique PowerClip extended warranty protection.
A specialty renewable energy Program Manager based in the United States, PowerGuard provides an innovative 25-year, non-cancellable quality and performance guarantee solution to back-up a manufacturer's own warranty terms.
Guaranteeing warranty terms through the use of insurance provides the certainty manufacturers and their customers look for, as well as long-term stability for the industry.
This insurance solution, conceived and underwritten by PowerGuard, offers back-to-back coverage for a 10-year limited product warranty as well as 10-year warranty for 90 percent power performance and an additional 15-year warranty for 80 percent performance for panels sold by LONG ENERGY and covered by the warranty.
Mike McMullen, managing principal of PowerGuard, says, "PowerGuard is proud that our innovative risk-transfer product is quickly gaining momentum with leading solar module manufacturers in China and around the world. PowerGuard will continue to support the expansion and success of the global renewable energy industry with unique, leading-edge products and services."
"The PowerGuard solution is an important way for solar panel producers to provide a greater degree of business certainty and allows developers of solar parks to finance photovoltaic installations more easily and with increased flexibility," states Ken Yang, client relationship manager of Marsh Los Angeles. "The solar panel manufacturing sector in Asia continues to grow rapidly, with China leading the way in terms of manufacturing output."
The PowerGuard solution, which is available directly from PowerGuard or through various retail brokers, provides certainty and security to the solar manufacturer's end customers. Its warranty terms are non-cancellable, surviving even insolvency and bankruptcy. Third-party rights to the policy, in case the original solar manufacturer goes out of business are also offered, and are backed by the capital strength of the insurance market.
PowerGuard Specialty Insurance Services
About PowerGuard Specialty Insurance Services
PowerGuard manages programs specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies.
PowerGuard's PowerClip warranty product is the most comprehensive contractual liability coverage available to renewable energy manufactures, project developers, power generation operators and the financial institutions who invest in them.
PowerGuard's PowerWrap Solar Project Guarantee Policy is a simple and straightforward insurance policy that guarantees the performance of the entire solar energy system - written on investment grade paper with an insurance company holding an AA- rating from Standard & Poor's. For more information please visit www.powerguardins.com
About LONG ENERGY (Shenglong)
Established in May 2006, Long Energy (Shenglong) is an experienced company with deep roots in technology, now listed on the Korea Exchange. Located in Zhangjiagang City, Long Energy (Shenglong) currently has over 1,500 employees and is about an hour's drive from Shanghai, China. Their factory occupies an area of roughly 240,000 sq. meters and covers the vertically integrated value chain from silicon melting to finished modules.
Aspiring to be a leading photovoltaic company with advanced technology, Long Energy (Shenglong) has always followed the notion of "high starting point, large scale, high quality and strong branding," which has led the company to achieve remarkable growth in just a few years. With a sound mixture of technical competence and visionary ideas, Long Energy (Shenglong) designs, manufactures, and sells high-quality solar products to the international market at competitive prices.
Long Energy's (Shenglong's) main products are crystalline silicon photovoltaic modules which have received IEC, TUV, UL, MCS, CQC, KIER, CE, PV CYCLE membership and approval. These modules are bankable by Unicredit SpA, Italy and GLS bank, Germany. In addition to offering entirely in-house produced modules, Long Energy (Shenglong) also provides complete, tailor-made photovoltaic systems.
Marsh, the world's leading insurance broker and risk advisor, teams up with clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. Marsh has over 25,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a member of Marsh & McLennan Companies, a global professional risk and insurance services firm with over 52,000 employees worldwide and annual revenue exceeding $10 billion, which is also the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. Its stock is listed on the New York, Chicago, and London stock exchanges.
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SOURCE PowerGuard Specialty Insurance Services