Peabody, MA -- (ReleaseWire) -- 10/13/2023 --When it comes to dispensing business wisdom, Malcom Forbes once said, "It's so much easier to suggest solutions when you don't know too much about the problem." False claims or unvetted information can be detrimental, particularly for niche industries that rely on experienced specialists to guide their decision-making. This is certainly the case in the highly specialized renewable energy sector. Companies cannot afford to partner with commercial insurance providers that have no experience in this industry. Rather, they need to re-think their policies and re-examine their risk management programs to prepare for unprecedented needs. Where can they find the expert guidance of an energy solutions insurance company that brings together the best in commercial coverage and state-of-the-art technology? The answer is simple: eMaxx.
eMaxx understands the unique needs of this growing sector of the economy. The nonprofit organization Environment America estimates that solar, wind, water and other replenishable sources provided almost 75% of new electrical generating capacity in 2022. This usage rate surpassed regulators' previous expectations. Moreover, this usage continues to grow at record levels, according to a report from the International Renewable Energy Agency in 2023. A huge shift to a decarbonized world is taking place, and the insurance market is going to play an important role in this metamorphosis.
Energy facility owners are required to purchase coverage as part of their borrower obligations to investors from banks and institutions. Renewable energy insurance can help offer solutions for solar energy, as well as green and alternative energy with full replacement cost coverage. This includes equipment and covers the construction and installation phases.
What makes eMaxx stand out as a tech-enabled specialty provider of commercial property and casualty programs, is its ability to provide highly successful alternative energy warranty products through a variable cost captive. This suite of programs supports manufacturers, developers and owners by providing an insurance-backed solution to product and performance shortfalls, including reduced output from manufacturer defects. These warranty products aid financing because they mitigate performance risk and improve the strength of manufacturers' and contractors' warranties. This insures the performance of these projects and reduces credit exposure—both of which bolster owners' confidence.
eMaxx pioneered their renewable energy insurance solutions in response to environmental and social trends, increasing energy costs and volatility. As a result they developed turnkey approaches for businesses wanting to offer these products. Innovations include a segregated cell captive, proprietary policy forms, captive management and reinsurance brokering. Overall, the arrangement is a more capital-efficient structure. It also supports all ESG policies.
It's not always the case that a renewable energy company can find technical, engineering-based underwriting and a proven track record for programs that excel in loss prevention and risk management. But with eMaxx energy solutions, it is guaranteed. Reach out to an experience eMaxx team member today to learn more.