Insurance companies are beginning to find niches in the renewable energy industry and the broader green movement, according to a New York Times article.
They are backing up the warranties offered by equipment makers, so that customers can be assured that they will recoup the cost of investments in solar power or other renewables. They are offering policies to protect wind and solar farms against freak weather events that interrupt historical wind or solar patterns.
They are also advising companies on incorporating distributed generation systems and offering policies that will pay for green building, if a property is destroyed by fire or some other type of accident.
Munich Re reportedly spent months researching different solar manufacturing technologies, before issuing its first policy in 2009 to Signet Solar to support the company's long-term product warranty.
Jim Tynion, a partner at the law firm Foley & Lardner of the United States and chairman of its energy practice, told the NYT that this segment of the business will “explode” in the next five years, particularly as the United States increasingly introduces mandates for green energy.
Read the full story at the link below.
