Renewable Energy Insurance Broker insure the income of the solar installations

Mr. Iliev we first got in touch with you to tell us about the new insurance product for photovoltaic installations?
I am pleased to present the long-awaited specialized insurance product for PV plants which we have developed with colleagues from a local insurer in Bulgaria. Loss of income for solar parks is already on the insurance market.

What exactly do you mean?
To explain you better I will give you next example: We have a PV plant and claim caused by overvoltage/short circuit, leading to a partial failure for 23 days. Here is the difference of the compensation paid to Business interruption:

REIB product – 9.500 BGN; Other similar products on the Bulgarian market: 9.500 BGN minus fixed costs of the park (security, electricity, internet, O & M services, etc.)

In our preliminary conversation you have mentioned that REIB offer an opportunity for low-cost insurance for corporate clients. How does it work?
We are able to issue a Master policy – it allows achieving less premium rates in case the client increase the insured portfolio. Investors, O & M companies, banks put together its portfolio of solar parks in a single policy. Thus unify the conditions of the insurance and decrease the rates.

Your new insurance product is for Bulgaria and Romania. Are you planning to expand REIB’s activities in other countries?
Yes, of course. As a licensed insurance broker from Bulgaria we have the right to be intermediary in all EU countries. Also we are planning to open an office in the US by the end of this year.