JinkoSolar intros product warranty from PowerGuard – June 4, 2011 $JKS
JinkoSolar Holding Co. Ltd, a fast-growing, vertically-integrated solar power product manufacturer with low-cost operations based in China, announced that the company’s solar panels are now under warranty withPowerGuard Speciality Insurance Services, a firm specializing in unique insurance and risk management solutions for the wind and solar energy industries. Renowned insurance broker Marsh facilitated the agreement.
Conceived and underwritten by PowerGuard, the policy offers back-to-back coverage through a five-year limited product warranty, as well as a tiered performance guarantee spanning 25 years, namely, a 10-year warranty for90 percent power performance and an additional 15-year warranty for 80percent performance for the solar panels sold by the company and covered by this policy.
Backed by PowerGuard’s extensive network of insurance providers, the terms of the warranty are non-cancellable, providing coverage even in the event of a module provider’s insolvency or bankruptcy.
A client of Marsh China, JinkoSolar is among the pioneering China-based solar companies to implement PowerGuard’sinsurance solution.
Kangping Chen, CEO of JinkoSolar, said: “PowerGuard’s coverage provides our customers with an additional layer of economic security in the event of an unforeseen change in solar module performance. Additionally, offering an insurance option from a respected third party will better facilitate the financing of projects incorporating Jinko modules.”
Larry Liu, senior VP and Technology Practice Leader of Marsh China, said: “This solution is an important way that solar panel producers can provide a greater degree of business certainty and allows developers of solar parks to finance photovoltaic installations more easily and with increased flexibility. The solar panel manufacturing sector in Asia continues to grow rapidly, with China leading the way in terms of manufacturing output.”
MikeMcMullen, managing principal of PowerGuard, said, “The expansion of new energy production offers new business opportunities for industrial insurers. PowerGuard is proud to see that our unique and innovative risk-transfer product has been adopted by leading solar module manufacturers around the world. PowerGuard will continue to support the development of the global renewable energy industry.”