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HDFC ERGO launches insurance policy to cover solar energy shortfall risks

Also protects against a system being installed incorrectly in a way that was not intended in the design phase

Press Trust of India  |  Mumbai 

Solar panel. solar power

Non-life provider ERGO General Company on Wednesday announced the launch of the shortfall policy to account for non-traditional and non-physical damage related risks that regularly face.

The policy will cover utility-scale solar farms, green fields across India, portfolios of rooftop installations for commercial and residential builds, among others, the company said in a statement.


Under the policy the company will cover risks related to non-physical damage, such as insufficient amount of sunshine and its impact on the performance of the project.

The cover also protects against a system being installed incorrectly in a way that was not intended in the design phase and the impact that has on the revenue models.

Additionally, the policy covers errors in the calculations of the projected yields that were created for projects before they turned operational.

Noting that country's sector represents huge potential for such policies, ERGO General Company executive director Anuj Tyagi said, "We aim to indemnify any loss that may occur due to non-physical damage of the insured project resulting in Energy Shortfall during an Energy Shortfall Policy year".

A multi-year policy, the shortfall would be issued up to a period of five years.

First Published: Wed, December 06 2017. 17:27 IST
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