Chint Solar/Astronergy, a PV producer and service provider in China announced signing the contract of 3rd party insurance service which provides the cover for registered PV modules produced in 2018 with Munich Re and the PICC Property and Casualty Limited.
Along the agreement, PICC P&C will provide insurance to back up 10-12 years product warranty and 25 years performance warranty for Astronergy modules delivered to registered international projects in 2018, and Munich Re will provide reinsurance to PICC P&C.
By assigning dedicated financial capacity for these registered clients, the insurance cover provides a credible third party guarantee for investors and financing institutions that choose to install Astronergy modules.
Astronergy has been working with Munich Re closely for nine years consecutively. In 2009, Munich Re designed the world’s first 25-year long-term performance insurance for solar photovoltaic modules, and Astronergy is the only photovoltaic enterprise taking it continuously since 2010.
The 2018 insurance scheme provides independent project insurance for each owner that is registered with Munich Re, which transfers the risk successfully and satisfies the demand for financing from overseas customers.
“Munich Re is an international leading reinsurance company, which implements the most stringent factory inspection standards in this industry. It has inspected 170 factories in the world and only approved the best ones including Astronergy,” said Dr. Lu, Chuan, CEO of Astronergy. “The underwriting of well-known insurance companies will bring more additional value to our customers globally.”
PICC P&C told that after comprehensive risk evaluation on the supply chain and quality control process, PICC P&C decided to provide sufficient insurance to Astronergy. And the policy itself will also enhance customer confidence in Astronergy modules and will play a crucial role in expanding the global market.