Insurance Bundle Helps Commercial Solar Developers Mitigate Risks and Support Project Financing
Phoenix, May 1, 2012—Assurant, Inc. (NYSE: AIZ), a premier provider of specialty insurance, today announces a new comprehensive insurance solution for commercial solar project developments. The new product, designed specifically for the fast growing 100 kilowatts to three megawatts solar market, will allow developers of commercial and industrial scale projects to address problematic risks that have traditionally made financing difficult.
Assurant Solar Project Insurance provides the industry's first warranty administration and comprehensive protection plan for every phase of commercial-sized solar development projects. Assurant's solar coverage is tailored to offer an affordable alternative to current solar insurance products geared toward insuring larger-scale projects at a frequently cost-prohibitive price point. It was created with solar developers, lenders, brokers and other industry leaders and leverages the leading specialty insurer's expertise.
"Energy experts predict strong growth in medium-size solar projects in markets with high electricity prices and strong renewable energy mandates, though significant operational and financial risks often pose challenges during their development, installation and operational phases," said David Schroeder, vice president of operations and industry relations at Assurant, Inc. "Assurant Solar Project Insurance reduces those risks by providing phase-specific insurance for an entire project's lifecycle, satisfying lender and investor requirements to protect project viability and their investments."
With Assurant's Solar Project Insurance, developers do not have to worry about dealing with multiple manufacturers and worrying if they will fulfill their warranty obligations. Assurant's new product bundle incorporates property and liability insurance with warranty management, providing a single point of contact for commercial sized photovoltaic projects or portfolios of projects that each generate between 100 kilowatts and three megawatts.
For more information about Assurant Solar Project Insurance, go to www.assurantsolar.com
Assurant is a premier provider of specialized insurance products and related services in North America and select worldwide markets. The four key businesses -- Assurant Solutions, Assurant Specialty Property, Assurant Health and Assurant Employee Benefits -- partner with clients who are leaders in their industries and build leadership positions in a number of specialty insurance market segments. Assurant provides debt protection administration; credit-related insurance; warranties and service contracts; pre-funded funeral insurance; solar project insurance; lender-placed homeowners insurance; manufactured housing homeowners insurance; individual health and small employer group health insurance; group dental insurance; group disability insurance; and group life insurance.
Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has approximately $27 billion in assets and $8 billion in annual revenue. Assurant has approximately 14,000 employees worldwide and is headquartered in New York's financial district. www.assurant.com.
Director, Media Relations and Financial Communications