LDK Solar and Solarif first companies to introduce operational and warranty insurance15. June 2012 | By: LDK Solar
Insurance backed up by HDI Gerling.
LDK Solar Co., Ltd. together with its partner Solarif, a fully mandated underwriter of HDI Gerling for PV insurances, are the first companies to introduce a unique insurance solution at system level. The new LDK Solar ‘Secure’ offer is announced at Intersolar Europe, the world’s largest solar industry exhibition taking place in Munich from the 13th – 15th of June. LDK Solar Secure provides customers a complete insurance package combining an operational ‘All Risk Insurance’ with a warranty and inherent defect insurance.
It includes a full backup of LDK Solar Product and Power Warranties on PV modules. Additionally, the embedded All Risk Insurance applies to all other components of the PV system. The insurance package is covered by HDI Gerling, an A+ rated insurance company and one of the biggest German insurers of property & casualty. As an independent third party, Solarif completed a successful audit on LDK Solar's manufacturing process and product quality.
LDK Solar Secure insures a qualified warranty claim for any case including the following advantages:
• 100% coverage of all sold products on the European continent; no hidden limited coverage
• 100% transparent policy conditions for easy check by banks or other interested parties
• Solarif audited and certified LDK Solar product quality reinforcing bankability and bank financing
• Compensation of production loss during warranty exchange period
• Coverage of labor and transportation costs for module replacement of valid warranty claim
• Insurance coverage maintained even in the event of manufacturer bankruptcy LDK Solar Secure will be offered initially to commercial customers. Within the LDK Solar ‘Professional Series’ customers receive a 1 year All Risk system insurance with a 5 year insured warranty and inherent defect option inclusive in the product price. For the LDK Solar ‘Value Series’ customers have automatically a 1 year All Risk Insurance with a 1 year insured warranty and inherent defect option included.
The insurance package can be extended after the initial coverage by LDK Solar for up to a maximum of 20 years. René Moerman, Chief Strategy Officer of Solarif: “After an elaborate examination of the factory, company, environmental and labor conditions, we declare that LDK Solar fulfills all expectations and is now on our whitelist. We are proud to announce our cooperation with LDK Solar, a company with positive spirit and great sense of quality.”
Mr. Peng, Chairman and CEO of LDK Solar: “We’re proud to be the very first PV company to introduce this innovative insurance solution setting new standards for the PV insurance industry. We believe our offer is the ultimate solution for securing investment in PV projects. LDK Solar has extensively examined the current insurances available for the PV market. That’s why we believe together with Solarif we have developed a unique insurance package.” About LDK Solar (NYSE: LDK) LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions.