NER, Erthos & CAC Specialty to place insurance-backed warranty for Earth Mount Solar

Specialist managing general underwriter, New Energy Risk (NER), a wholly owned division of Paragon Insurance Group, and CAC Specialty, an insurance broker have partnered with Erthos, a large-scale renewable energy technology company to develop an insurance-backed warranty product for their Earth Mount Solar technology.

After extensive due diligence, NER confirmed the suitability of Earth Mount Solar technology and its qualification processes for performance insurance, planned to be placed in Q4 2024 subject to final insurer approvals.

This insurance programme will backstop Erthos’ warranties and break new ground by supporting an expanded scope of coverage for system performance following certain flood and hail events that are missing from the current market solar warranties.

Invented by Erthos, Earth Mount Solar is a large-scale solar plant design where the PV modules are placed flat on the ground, eliminating the need for driven piles and steel tracking structures.

This reduces installation time and materials and simplifies operations and maintenance, allowing developers to maximise project returns.

Daniel Flanigan, Chief Technology Officer, Erthos commented: “Our Insurance-Backed System Warranty will put the promise of an A-rated insurer behind the Erthos warranty. This includes PV module warranty enhancements covering our unique use case. We’ve come out with a new way to mount solar modules, so, naturally, there are different environmental factors that need to be understood by the market. New Energy Risk joined us to assess this risk and bring insurance to the table.”

Richard Riley, Managing Director, Business Development, New Energy Risk, added: “The NER team has been impressed with Erthos’ rigorous approach to product development and are excited to be supporting them in the development of an insurance program that will become an integral part of their product.

“We expect this to enhance the value proposition of the Earth Mount Solar system and make it an easy buying decision for their customers. We appreciate that Erthos has put their trust and confidence in NER to help grow their business and enhance customer adoption of their solution.”

Lastly, Sara Kane, Vice President, Natural Resources, CAC Specialty concluded: “Up until now, we have not seen a warranty address natural catastrophe risks in this way. It is an exciting time and a redefining moment in solar deployment. This warranty, backed by insurance, will help instill buyer confidence in the reliability of the Earth Mount Solar technology and pave the way for a more resilient future.”

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