Debbie George, the head of the Broker Division at Infiniti Insurance says that the theft of solar panels poses a significant risk to businesses and homeowners. Solar panels are a valuable target for criminals, she says, as they are relatively easy to steal and can be sold for a high price on the black market. In addition, solar panels can be difficult to recover once they have been stolen and might well have been damaged beyond repair by the thieves.
In the last 12 months, there has been an increase in claims of solar panels in households and businesses across the country. In fact, more solar panels are being stolen from small businesses that are unoccupied at night and over weekends.
George advises clients to update their policies after having solar panels and associated equipment installed at the home or business and to make sure that an updated COC (electrical certificate of compliance) is provided by a competent, licensed electrician.
Clients can expect their insurance premiums to increase after installing solar panels because this increases the value of the property. The usual place to cover solar systems is under the Homeowners or Buildings section as they are normally fixtures to your home. Some insurers may want clients to specify the systems under their all-risk section especially if the inverters are loose items.
The client should also check what cover they will have. For example, is there a limit on theft or power surge? If you are considering installing the solar system, you need to confirm with your property’s insurance broker to ensure your policy has solar panel coverage and familiarise yourself with all the terms and conditions of your cover.
Infiniti Insurance is focused on long-term partnerships with brokers, providing personalised insurance and support to find the right solutions for clients. “Our solutions are carefully developed in consultation with our partners by assisting them in managing their risks and creating seamless, personalised and efficient service. With this in mind, we are offering our clients the option of insuring their solar panels against theft as well as natural perils such as wind, hail, and lightning,” George concludes.
