Solarvest inks MoU with QBE Malaysia, Anora to offer solar investment insurance

KUALA LUMPUR: Solarvest Holdings Bhd has signed a tripartite memorandum of understanding with QBE Insurance (Malaysia) Bhd and Anora Agency Sdn Bhd to offer solar photovoltaic investors better insurance coverage.

In a statement, Solarvest said a collaboration would enable it to provide its solar photovoltaic investors with a comprehensive general liability policy with consequential loss underwritten by QBE Malaysia, through Anora.

“This collaboration is another positive step for Solarvest as we will be the first solar company in Malaysia to offer the SolarPro Line-Stoppage insurance policy, enhancing our already comprehensive one-stop solar solution services.

"With this in place, we believe it will strengthen the value proposition of our engineering, procurement, construction, and commissioning work, and help us in further building our formidable unbilled orderbook of over RM600mil,” said Solarvest executive director and CEO Davis Chong.

He added that the comprehensive insurance coverage would markedly reduce the risk of solar photovoltaic system investments and encourage a greater flow of funds into the industry.

Anora CEO Samuel Soon said solar photovoltaic investors face a risk of claims from energy buyers for consequential losses given the typical length of power purchase agreements is 21 year.

Existing policies currently do not offer protection in this area, he added.

“As businesses and regulations turn more complex and distinct, we want to offer our customers and clients more specialised offerings and support, and give them the confidence to focus on maximising their returns and minimising liabilities as they invest in tangible efforts towards a greener and more sustainable future,” added QBE CEO Sunther Kuppan.
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