Guaranteeing warranty terms through the use of insurance provides the certainty manufacturers and their customers look for, as well as long-term stability for the industry.
To meet the rising demands of China's solar panel manufacturing industry, PowerGuard – a renewable energy specialty Managing General Agent based in the U.S. – provides manufacturers with an innovative 25-year, non-cancellable quality and performance guarantee solution to back up their own warranty terms.
Leading Chinese solar manufacturer JinkoSolar, a client of Marsh China, is among the China-based solar manufacturing companies to purchase and adopt this innovative solution.
The insurance solution, conceived and underwritten by PowerGuard, offers back-to-back cover for a five-year limited product warranty as well as 10-year warranty for 90 percent power performance and an additional 15-year warranty for 80 percent performance for panels sold by JinkoSolar and covered by the warranty.
Mr. Kangping Chen, CEO of JinkoSolar, said, "For our clients, this insurance solution gives additional economic security in the event of an unforeseen loss in performance of the modules. Further, this insurance solution will also facilitate the financing of the photovoltaic projects using Jinko modules."
Mike McMullen, Managing Principal of PowerGuard, said, "The expansion of new energy production offers new business opportunities for industrial insurers. PowerGuard is proud that our unique and innovative risk-transfer product has been adopted by leading solar module manufacturers around the world. PowerGuard will continue to support the development of the global renewable energy industry with unique, industry-leading products and services."
Larry Liu, Senior Vice President and Technology Practice Leader of Marsh China, said, "This solution is an important way for solar panel producers to provide a greater degree of business certainty and allows developers of solar parks to finance photovoltaic installations more easily and with increased flexibility. The solar panel manufacturing sector in Asia continues to grow rapidly, with China leading the way in terms of manufacturing output."
