(ADPnews) - Dec 7, 2010 - The Bulgarian arm of Austrian insurance group Uniqa has rolled out a photovoltaic (PV) insurance policy, the company said on Monday.
Through its "All risks during installation" product, the insurer covers damages caused by natural disasters, theft, errors in the construction of the power units as well as damages to the properties in proximity caused by the facilities installation. The "Uniqa Lumit-all risks" policy covers problems in the construction phase of the facilities and operational risks of the PV parks. According to the company, the danger to the property and life of people living near the solar parks could slow the project sufficiently and even bring the company to insolvency.
Uniqa claims to be the first company to offer solar system insurance. According to an enquiry of Dnevnik, however, sector player Allianz Bulgaria has been offering such products for more than a year and has already sealed insurance contracts with a number of companies.
Uniqa mainly provides automobile insurance, but is also active in property insurance. Players in the segment, however, have been trying to diversify their portfolios by raising the share of other insurance products, including business property, to which solar parks belong.
As at end-September, the company's premium revenue amounted to BGN 47 million (USD 32m/EUR 24m), while its market share stood at 4.9%