Several unforeseen events can occur in the day-to-day life of a company that operates in the Brazilian photovoltaic market, whether it is a manufacturer, distributor or integrator.
According to Adelairton Eloi, director of Sincor (Insurance Brokers Union) Campinas, the solar sector has been growing and is on the rise because consumers understand that the investment has a return in the short and medium term.
“The tendency is for insurance for photovoltaic systems to become cheaper over time, as more people sign up, which should make the product easier,” explained Eloi.
Also according to the executive, taking out insurance for photovoltaic systems applies in the same way as car insurance.
“With a car, if you don’t insure it and it’s stolen, you lose your money. In the case of signs, if there is a hailstorm, windstorm, electrical damage, or anything that could harm the installations, the insurance will cover it, as long as it is carried out correctly,” highlighted Eloi.
In addition to material damage, between purchase and operation, there are numerous situations that can cause losses, such as delays in the delivery of items, cargo theft and accidents caused by errors in professional execution.
For this reason, taking out specific insurance for each type of need is essential to avoid financial losses, in addition to being able to offer benefits to employees, such as family assistance, in the event of accidents.
Check below which products are available for the segment and understand which is suitable for each situation.
Guarantee insurance
When taking out warranty insurance, the contracting company is sure of faithful compliance with the obligations assumed by the supplier in the main contract, in accordance with the terms of the policy. Whether for the execution of the object or for compensation for losses incurred.
This insurance provides security when hiring suppliers, service providers, and construction contractors. It is widely used in the construction of solar plants, which involve high costs, as it ensures the delivery of the contracted object within the agreed deadline.
There are cases in which the insurance company itself acts in risk management, carried out by a specialized team that, in the example mentioned, monitors whether there is any deviation in the work schedule that will lead to delay, measures and efforts for the best execution to guarantee completion from the project.
Guarantee insurance has more than 15 types to tailor-make for companies in their fields of activity. The solutions also include those for labor processes.
Transport insurance
Brazil records, on average, 55 cargo robberies every day in the country, according to a survey by the National Public Security Secretariat. To ensure peace of mind when moving the purchased equipment, both the transporter and the owner of the goods can take out transport insurance.
The coverage is suitable for the most diverse logistical operations and covers all modes. In addition to theft, insurance also covers accidents, damage and loss, providing peace of mind for those who purchased equipment, often at high prices.
And it also offers risk management services to mitigate losses such as plate breakage due to movement along the route, for example. Everything according to the needs of companies in the solar segment.
Professional civil liability
Engineering professionals who work in the solar energy segment, in addition to being responsible for installing panels and equipment, must be aware that they have a duty to inform their customers about the correct use of the photovoltaic system and warn about possible risks.
However, errors can still occur. In this case, the person, natural or legal, who suffered the loss, can go to court requesting compensation for the damage.
Professional civil liability insurance, also known as E&O (Errors & Omissions), operates in cases where the provision of a service causes damage to third parties as a result of claims associated with failures in the services provided.
Insurance serves as protection for the company and independent professionals in the exercise of their profession in the event of any errors that result in losses for their clients.
Among the coverages offered by this type of insurance are material, bodily and moral damages, loss of profits and financial losses, loss, loss or theft of documents and defense costs and legal fees. The modality can be contacted per event, that is, for a single project, or for one year.
“I recommend that companies take out insurance on an annual basis, which in addition to facilitating control, is always covered in the event of a possible accident”, advises Vanda Somera, director of Visioni Insurance Broker.
How is insurance contracted?
The contract, whatever the product, must always be done through the insurance broker. This specialist intermediation is essential because he will indicate what is recommended for each company activity and also contribute to the design of policies in defining coverage and limits.
“All the insurances mentioned are intended for companies, private or public and of any size. The professional civil liability product can be contracted by individuals as well”, adds Felipe Smith, executive director of Legal Person Products at Tokio Marine.
The executive also clarifies the factors considered when pricing. “The policies in these cases are tailor-made, depending on the amounts to be insured, the deadlines, and whether additional coverage will be contracted. What I can say is that the investment in insurance is infinitely smaller than the loss in the event of an accident”, he concludes.
