An increase in solar panel theft poses a high risk for businesses and households
Thefts of solar panels pose a significant risk to businesses and homeowners. Solar panels are a valuable target for criminals, 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 repairs 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.
“Solar panels are delicate, expensive and an easy target for criminals and are also tremendous liability risks if they are not properly installed and meticulously maintained. If businesses or homeowners are considering installing the solar system, they need to contact the broker who manages their property insurance,” says Debbie George, Head of the Broker Division at Infiniti Insurance. It is also important to check the competency of the installer by speaking to friends or family members.
George advises clients to inform their insurers after the installation, as the sum insured needs to be increased and the insurer will need an updated Electrical certificate of compliance.
“Clients must know that their insurance premiums will 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.”
She says 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,” George adds.
Infiniti Insurance is focused on long-term partnerships withs 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,” she concludes.
About Infiniti Insurance
Infiniti Insurance is an A-GCR rated niched short-term insurer focused on long-term partnerships with specialist insurance entrepreneurs and independent brokers. Infiniti commenced business in 2005 writing motor warranty business, and then in 2007 applied for and was granted a full license to write all classes of business.
Infiniti positions itself as a specialist niched wholesaler rather than retail insurer – and writes everything from aviation, marine and watercraft to blood stock and everything in between – and now with the recently acquired Legal Sense, it offers commercial legal protection too. Infiniti prides itself on its model of strong partnership philosophy, providing an unparalleled level of service to its clients.
Its specialist underwrites and broker partners enjoy the exceptionally high levels of technical expertise, assistance with risk management and the flexibility to manage their business effectively. Infiniti are very particular about the partners they choose – and have currently 37 brokers and 11 specialist underwriters.
