The alternative energy market has many complicated angles to it, including solar warranties, which are essential to solar manufacturers as well as to the development and funding of solar projects.
According to Mike McMullen, managing principal of PowerGuard Specialty Insurance Services
, banks are hesitant to lend against some larger solar projects because of the severe credit crunch and the balance sheet of the solar manufacturer. This has made it difficult for these projects to get the funding they need from banks. PowerGuard developed its unique warranty program to back up the 25-year warranty of the solar manufacturer should the manufacturer become unable to pay. As alternative energy and large solar projects continue to increase, agents need to be aware of these insurance options.
In this edition of Markets in Motion, MyNewMarkets.com
Associate Editor Amy O’Connor talks with PowerGuard about their solar warranty product and how agents can get involved in this emerging insurance market.