Solarif Insurance Available For Vikram Solar PV Modules
Solarif insurance now available for Vikram Solar PV modules. Under the certification, Solarif will cover risks related to physical damage, inherent defects, and all operational risks. After a thorough risk assessment, Solarif Risk Management BV declared Vikram Solar's PV modules Solarif-certified. The certificate will enable Vikram Solar's customers to purchase Solarif's unique inherent defect coverage in addition to Solarif's Operational all risk insurance, supporting and backing up the manufacturer's warranty in case of inherent defect. This insurance is exclusively available through Solarif Insurance.
Vikram Solar is currently the only Indian solar manufacturer to have attained this certification. The certificate was received after thorough risk assessment tests of the production lines, financial strength, environmental and labor conditions. Currently only three Tier 1* companies in the world have Solarif certification. In order to identify, minimize and/or even eliminate the risks of the materials used within photovoltaic installations and consequently invest in solar to generate expected financial returns, Solarif Risk Management has developed a unique solution in the form of a panel certification program. This in-house developed solution helps substantially reduce the risks of operational discontinuity of solar installations through quality inspections of factory and/or batch level. This quality label, being Solarif-certified, applies as a condition for the inherent defect cover to be offered against a low fixed premium rate.
Primary Benefits of Solarif certification for customers-
• Lower insurance premium to be paid for certified panels- The premium rates will be much lower due to the inline quality inspection of the panels.
• Protection against inherent defects in modules- Coverage includes EUR 2,500,000.00 to EUR 20,000,000.00, Material Damage & Loss of Income combined per event.
• Insurance backed warranties in case of insolvency of the module manufacturer- The certification protects the panels up to max. 20 years, even if the
manufacturer has gone bankrupt (insolvency cover).
• Performance insurance- Solarif conducts technical/quality risk assessment to assure module performance.
Mr Ravindra Anil Vaidya, Vice President-Global Markets, Vikram Solar Limited, said “Receiving this certification is another step towards upholding the commitment of quality and performance that we bring to the table. The certification process involved rigorous tests, thus securing our client's investment to generate expected financial returns. In a nutshell, this certification clearly testifies the bankability of Vikram Solar modules. Additionally, being the only Solarif-certified Indian manufacturer sets us apart from our competitors!”
He also shared, “With rapid fall in Solar PV prices globally, we felt that it is important for our clients to have assurance on quality and performance. This
certification attests that.”