FAQ
What hazards are covered in the property insurance?
The insured damages and hazards can differ from insurance to insurance. A more detailed list of damages can always be found in the insurance conditions. Basically, your system is insured against almost all hazards through property insurance (= all-risk insurance), especially against fire, lightning, explosion, storm, hail, theft, vandalism, animal bites, and overvoltage. Some insurance policies also cover internal operational damage to inverters.
What does "Business Interruption Insurance" mean?
If your system cannot feed electricity into the utility grid as a result of an insured property damage, the insurer will reimburse the lost feed-in tariff up to the amount of the agreed daily compensation. The daily compensation may vary with different insurers.
Do I need to take out liability insurance?
Feeding electricity is considered a commercial activity that is typically not covered by private liability or building and property owner liability insurance. Even if you already have business liability insurance (e.g., as a farmer), the risk "operation of a grid-connected PV system" must be explicitly listed. If you operate your system on a third-party roof, in most cases the building owner will require such liability coverage to insure against possible damage to the building caused by the PV system.
When should I take out installation insurance?
Installation insurance is suitable for all systems that are under construction or being built. You can take out the insurance with a term of 3 to 9 months, according to your needs and the chosen insurance.
GAP Coverage is a difference compensation if the photovoltaic system is not rebuilt. If the leasing/financing/hire-purchase contract of an insured item is prematurely terminated as a result of an insured total loss, the insurer will compensate, in addition to the contractually agreed compensation (property damage), the difference between the settlement amount on the day of the loss and the contractually agreed compensation (property damage).
What is "Yield Guarantee Coverage"?
If the annual energy yield of the insured photovoltaic system, as forecast in the yield assessment/economic calculation, is underperformed by more than 10%, the insurer will compensate for the resulting shortfall. The sum insured corresponds to the projected annual yield of the respective system according to the yield assessment/economic calculation.
What is the "Cyber Clause"?
The insurer also provides compensation for loss of earnings if the loss, alteration, or unavailability of data or programs has occurred due to a failure or disruption of data or energy transmission caused by intentional data or program modifications by third parties with malicious intent (cyber attack on a solar park using computer viruses, worms, trojans, or similar).
When does insurance coverage begin?
Insurance coverage begins either immediately after receipt of the required documents or at the time specified by the system operator/owner. Some photovoltaic insurance policies offer the possibility of insuring new systems retroactively (up to 3 months). Installation insurance begins when the first components arrive at the construction site.
When does insurance coverage end?
The duration of insurance coverage is always specified in the terms and conditions of the respective insurance. The insurance can run for one year from the start of the insurance or for a full calendar year (until December 31). Some insurers offer multi-year discounts when taking out insurance for several years. The insurance can be cancelled within an agreed period. The notice period is usually 3 months.
