This warranty provides up to 10-year coverage against lowered power output and production guarantee payouts due to improper contractor/manufacturer design or installation work.
Eligible companies include contractors and manufacturers of power producing equipment, such as fuel cells, pyrolysis waste of oil producers, biomass gasification, grid-scale batteries and co-generation technologies.
Output performance warranties typically have large insured limits. The exposure to all parties requires a great deal of underwriting and testing before a proposal can be presented. Projects without working prototypes or existing production facilities cannot receive this warranty.
The following are benefits an Output Performance Warranty provides to a property owner and/or funding institution.
- The insurance carrier can assume up to 100% of the risk on each warranty, structuring the program to each company’s needs and wishes. Companies are able to participate in their warranty program’s experience through risk-sharing.
- Our top-down approach focuses on the industry,company and product. Analyzing product design, engineering and failure modes, we are able to thoroughly assess and quantify a product’s risk.
- This program provides on-going risk management and loss prevention support including training and communication programs that support industry best practices.
- The program offers fast, efficient and fair resolution of claims. The insurance carrier’s aggressive claims management oversight focuses on inclusion of the policyholder rather than exclusion during the claims process.