Solarvest, QBE, Anora sign MOU to offer solar investment insurance

The product will allow coverage of consequential loss due to damages on property during PV installation.

Solarvest Holdings Berhad, QBE Insurance (Malaysia) Berhad, and Anora Agency Sdn Bhd signed a memorandum of understanding for the offering of insurance policy to solar investors.

In a joint statement, they said that Solarvest will be offering to investors the SolarPro Line-Stoppage insurance policy, which is a comprehensive general liability policy with consequential losses underwritten by QBE Malaysia through Anora.

The policy will provide protection for solar photovoltaic (PV) investors and property owners through allowing for coverage of consequential loss due to accidents or damages to the property during and after the installation, or construction of the PV system, which is not covered by ordinary comprehensive general liability policies, the statement read.

“With this in place, we believe it will strengthen the value proposition of our engineering, procurement, construction, and commissioning work, and help us in further building our formidable unbilled orderbook of over $143.3m (RM600m),” Solarvest Group CEO Davis Chong said.

They said the product was designed in response to the liberalisation of solar power distribution in Malaysia and the following influx of power purchase agreements. Under the new regulations, PV investors can install the systems and sell energy directly to private entities which usually requires the installation of PV systems on the property of the energy buyer.

RM1 = $0.24