Renewable Guard Insurance Brokers LLC, an independent renewable energy insurance brokerage firm, has entered a partnership with Hailsure Underwriting Managers LLC to deliver a new parametric hail insurance program to renewable energy developers. Hailsure develops solutions that incorporate parametric insurance across a range of different markets.
Parametric insurance is a type of policy where coverage is triggered when a measurable event occurs that exceeds a set threshold; in this case, a significant hailstorm.
Hail size is measured by the largest independent weather data provider in the country through the use of advanced 3D radar, an onsite hail station and a series of weather algorithms that utilize multiple data sources, including the National Weather Service. The trigger for coverage and payout is determined by the size of the largest hail that falls on the renewable energy project site.
“We’re extremely excited with our partnership with Renewable Guard to offer the brand-new parametric hail policy, as it provides the renewable energy industry with a timely solution to address their project’s financial needs,” says Richard Alan Duer, managing member of Hailsure.
“With hail season now upon us, we felt the expertise Renewable Guard brings to the renewable energy market will help developers seamlessly implement this new coverage to projects most impacted by hail,” adds Duer.
Renewable Guard’s team of renewable energy risk managers provide operational insurance coverage on more than 3 GW of projects throughout the U.S. The company works with solar, wind and energy storage developers to help ensure catastrophic losses do not impact the short and long-term stability of companies who continue to construct and operate these important renewable energy projects.
To learn more about Renewable Guard’s hail insurance program, click here.