Renewable Guard Announces New Parametric Hail Insurance Coverage For Renewable Energy Projects
SAN FRANCISCO, April 29, 2020 /PRNewswire/ -- Renewable Guard Insurance Brokers, LLC a leading independent renewable energy insurance brokerage firm, is pleased to announce a new partnership with Hailsure Underwriting Managers, LLC to deliver a new parametric hail insurance program to renewable energy developers. Hailsure is a leading specialist in developing innovative solutions that incorporate parametric insurance across a range of different markets.
Parametric insurance is an innovative type of policy where coverage is "triggered" when a measurable event occurs which exceeds a set threshold; in this case, a significant hailstorm. Hail size is measured by the largest independent weather data provider in the country through the use of advanced 3D radar, an onsite hail station, and a series of weather algorithms that utilize multiple data sources, including the National Weather Service. The trigger for coverage and payout is determined by the size of the largest hail that falls on the renewable energy project site.
Advantages of Parametric coverage for renewable energy project sites include:
- Easy Integration into existing project-level coverage
- Flexible Terms (e.g., variable coverage limits, hail size triggers)
- Fast Claims (payment within 7-10 business days) without the requirement of traditional on-site claims adjustments.
The property insurance marketplace has hardened significantly in 2020 and developers in the renewable energy industry have felt the effects. Carriers providing traditional project-level insurance have seen a significant increase in catastrophic losses due to convective storms and hail damage. "2019 saw one of the industry's largest single hail loss ever with damage to a Texas-based solar project in the tens of millions of dollars. The increasing severity and unpredictable nature of convective storms have required many project-level carriers to implement sub-limits for hail, while also increasing hail deductibles. The option to obtain additional hail limits via excess markets has, in essence, become commercially nonviable due to hard market rate increases," says Michael Cosgrave, Principal at Renewable Guard. "Adding parametric hail gives the existing project-level insurance program an extra and important dimension of coverage by providing developers and their lending partners with peace of mind and protection against the serious financial impact of major hailstorms."
Richard Alan Duer, Managing Member of Hailsure says, "We're extremely excited with our partnership with Renewable Guard to offer the brand-new Parametric Hail policy, as it provides the renewable energy industry with a timely solution to address their project's financial needs." Duer adds, "With hail season now upon us, we felt the expertise Renewable Guard brings to the Renewable Energy market will help developers seamlessly implement this new coverage to projects most impacted by hail."
For more information or questions on parametric coverage, please contact Renewable Guard's Principal Mike Cosgrave at 800-267-0311, or via email at [email protected]
About Renewable Guard
Renewable Guard is a leading insurance and risk management brokerage created to meet the unique insurance needs of the Renewable Energy Industry. Their team of renewable energy risk managers provides operational insurance coverage on more than 3 GWs of projects throughout the U.S. The firm supports the power of clean energy and its ability to create a cleaner, more sustainable world. Renewable Guard works with solar, wind, and energy storage developers to help ensure catastrophic losses do not impact the short and long-term stability of companies who continue to construct and operate these important renewable energy projects. To learn more, please visit www.renewableguard.com.
About Hailsure
Hailsure administers specialty insurance coverage based on specified parameters most commonly related to weather risks. Hailsure's parametric programs are designed to provide standalone coverage or to supplement more traditional insurance coverage where gaps in coverage may exist. Hailsure currently administers industry-specific programs for auto dealers, crop insurance, municipal, and public sector coverage. For more information, please visit www.hailsure.com.
Renewable Guard – Corporate Office – 300 Broadway Street, Suite 21 San Francisco, CA 94133 www.renewableguard.com/parametric-insurance/ Tel: (800) 267-0311
SOURCE Renewable Guard Insurance Brokers LLC
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