Willis Germany, part of Willis Group Holdings, announced that it will be demonstrating the special features of "Willis Electronic Plus," at the 27th European Photovoltaic Solar Energy Conference and Exhibition in Frankfurt on September 25-28. Willis described it as "an innovative insurance product for photovoltaic systems."
Willis also said its political risk expert would deliver a speech at the event on the rise of resource nationalism and its impact on the renewables sector.
Willis Electronic Plus "provides solar panel manufacturers, developers and dealers with all-risk insurance protection against property or revenue losses caused by property damage," said the bulletin. "It also puts in place cover against yield reduction due to a lower outcome of the forecast annual energy yield. Willis' renewable energy experts will be available to discuss the new product at the Willis stand located at booth number 3.1/A16."
Axel Paulsen, leader of Willis Germany's renewable energy team, commented: "As solar power grows in popularity across Europe, photovoltaic businesses, and in particular banks and investors, are looking for comprehensive all-risk insurance in addition to cover for financing risks like the liquidation of a manufacturer or developer. Willis Electronic Plus coverage is placed for up to 10 years and is not cancellable, giving lending institutions a greater degree of confidence when it comes to financing photovoltaic projects."
Other special features of the solar insurance product include:
• It guarantees the owner and lenders a minimum 90 percent revenue return
• Coverage possible for almost all high-quality panels
Concerning the political risk presentation, Willis noted: "As natural resources become scarcer and global demand for energy continues to grow, renewable energy investors and project lenders are increasingly looking for new opportunities in high risk markets.
"Andrew van den Born, Willis' political and credit risk expert, will be focusing on this topic at the conference in a speech entitled: "The rise of Resource Nationalism – why Political Risk Insurance Matters."
He explained: "The rise of resource nationalism as witnessed in the Bolivarian republics and Russia, to name but a few, has meant that these risks are ever more prevalent and need to be mitigated. Power projects in emerging markets are often highly politicized and are therefore particularly exposed to government interference.
"Furthermore, these infrastructure projects require both lenders and investors to commit for long maturities. This means catering for possible actions by future administrations.
"Opposition parties may often electioneer on a platform of providing more affordable electricity. When they come into power there is a very real risk that previously agreed tariffs may be renegotiated or that the new administration may seek a complete abrogation of the power purchase agreement. Political Risk insurance can help mitigate these risks."
Source: Willis Group Holdings
admin 18 Sep, 2012
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Source: http://www.insurancejournal.com/news/international/2012/09/18/263340.htm
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