Montreal-based AAER Inc. has secured a global insurance policy with a top-tier insurer to provide financial backing for its wind turbine manufacturer warranty program in North America.
‘This insurance policy provides an additional level of comfort for our customers globally and improves the bankability of our product,’ says Dave Gagnon, president and CEO of AAER. ‘This insurance policy also minimizes the required cash provision levels on our balance sheet for warranty purposes, thus enabling AAER to make an optimal use of its liquidities.’
This insurance policy has been devised with the collaboration of Holmes Murphy & Associates' renewable energy division and the Boiler Inspection and Insurance Co. of Canada, (BI&I), a division of American International Group Inc. subsidiary HSB Group Inc. The two-year wind turbine generator mechanical breakdown warranty covers the nacelles, towers and blades for up to the full value of AAER's wind turbines.
SOURCE: AAER Inc.