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 traders higher insurance protection.
In a press release, Solarvest stated a collaboration would allow it to present its solar photovoltaic traders with a complete common legal responsibility coverage with consequential loss underwritten by QBE Malaysia, by means of 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,” stated Solarvest government director and CEO Davis Chong.
He added that the great insurance protection would markedly scale back the chance of solar photovoltaic system investments and encourage a higher circulate of funds into the trade.
Anora CEO Samuel Soon stated solar photovoltaic traders face a danger of claims from vitality patrons for consequential losses given the everyday size of energy buy agreements is 21 yr.
Existing insurance policies presently don’t offer safety on this space, 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.