LDK Solar and Solarif Partner to Introduce the First Operational and Warranty Insurance
- Published: Friday, 22 June 2012 09:20
LDK Solar Co., Ltd together with its partner Solarif, a fully mandated underwriter of HDI Gerling for PV insurance, are the first companies to introduce a unique insurance solution at the system level.
LDK Solar Secure provides customers with a complete insurance package combining an operational ‘All Risk Insurance’ with a warranty and inherent defect insurance. It includes a full backup of LDK Solar Product and Power Warranties on PV modules. Additionally, the embedded All Risk Insurance applies to all other components of the PV system.
The insurance package is covered by HDI Gerling, an A+ rated insurance company and one of the largest German insurers of property and casualty. As an independent third party, Solarif completed a successful audit of LDK Solar's manufacturing process and product quality.
LDK Solar Secure insures a qualified warranty claim for any case and includes the following advantages:
● 100% coverage of all sold products on the European continent without hidden limited coverage;
● 100% transparent policy conditions for easy check by banks or other interested parties;
● Solarif audited and certified LDK Solar product quality reinforcing bankability and bank financing;
● Compensation of production loss during warranty exchange period; and
● Coverage of labor and transportation costs for module replacement of valid warranty claim.
LDK Solar Secure will be offered initially to commercial customers. LDK Solar ‘Professional Series’ customers receive 1-year All Risk system insurance with a 5-year insured warranty and inherent defect option inclusive in the product price. LDK Solar ‘Value Series’ customers receive 1-year All Risk system insurance with a 1-year insured warranty and inherent defect option included. The insurance package can be extended after the initial coverage by LDK Solar for up to a maximum of 20 years.
René Moerman, Chief Strategy Officer of Solarif: “After an elaborate examination of the factory, company, environmental and labor conditions, we declare that LDK Solar fulfills all expectations and is now on our whitelist. We are proud to announce our cooperation with LDK Solar, a company with a positive spirit and great sense of quality.”
Xiaofeng Peng, Chairman and CEO of LDK Solar: “We’re proud to be the very first PV company to introduce this innovative insurance solution setting new standards for the PV insurance industry. We believe our offer is the ultimate solution for securing investments in PV projects. LDK Solar has extensively examined the current insurance available for the PV market and we believe, that together with Solarif, we have developed a unique insurance package.”
Solarif is a fully mandated underwriter of HDI Gerling for PV insurances and based in the Netherlands working in 14 countries in the European Union, South Africa, India and China. Together with their local partners Solarif insured more than 1.1 GW and is completely dedicated to insure solar PV. In other words: experts in all risks concerning PV projects.
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