People’s Insurance launches solar panel insurance to foster sustainable energy use

Royce Delpechithra (left) receives solar panel policy from People’s Insurance Director and People’s Bank CEO/GM Ranjith Kodithuwakku (third from left). Also present are People’s Insurance Director and People’s Leasing CEO/GM Shamindra Marcellin 

(second from left), People’s Insurance CEO Deepal Abeysekera (second from right) and Head of Operations Jeewani Kariyawasam (right) 

In an effort to support the ongoing national-level initiatives of fostering sustainable and environmentally friendly energy production methods, Sri Lanka’s foremost non-life insurance firm, People’s Insurance PLC, has announced the launch of a special insurance coverage for solar panels mounted in homes, offices and solar parks across the country. 

As the number of solar panels installed in buildings and solar products in the country have seen a trend of exponential growth, year on year, the timely introduction of this insurance coverage seeks to mitigate the risk factor associated with roof mounted solar panels and solar products, as they are of high value investments. This cover seeks to give customers peace of mind, knowing that their investments in green energy generation are protected by one of the leading insurers in the country. 

The Basic Cover provides protection against fire, lightning, storms, cyclones, floods, earthquakes and accidental damage, inclusive of electrical extra covers. 

Much to the customer’s benefit, the insurer has also pledged more additional covers at no extra charge. These include the labour costs of debris removal if panels are damaged by an insured peril, the cost of removing and repositioning the solar panel system if the building or structure is damaged and the cost of transporting damaged panels to the service agent’s workshop. 

Known for its efforts in being an insurer that always goes the extra mile by keeping the customer’s best interests in mind, People’s Insurance will also cover the damages caused to panels by malicious acts of other individuals. Additionally, if a customer loses income due to perils mentioned above, that loss of revenue will also be covered by this special insurance scheme.  For those customers who wish to have their losses covered in case of an untimely theft of panels involving forced entry, riots, terrorist activities or electrical extras without visible burn marks can do so by paying a minimal premium.

Speaking at the launch of this cover, Manager – Fire and Miscellaneous Uvindu Pathirana had this to say: “Many Sri Lankans are looking towards producing and using energy in a sustainable manner. While Solar Panels are the ideal choice for this, people often hesitate because of the high cost and risks such as damage associated with solar panel usage. This is where we have stepped in to ensure that a customer’s investment in solar energy will be protected from perils via a cover developed specifically for this.”

This product goes hand in hand with the solar schemes offered by bank and financial institutions. Through these lone schemes individuals who seek to purchase solar panels can avail concessionary interest rates and people’s insurance supplements this effort.

As a socially responsible insurer, this special scheme is expected to fulfill the hopes of an environmentally and energy efficient Sri Lanka. In line with its values of serving customers with passion and sharing risks, this scheme will give many Sri Lankans the confidence to begin their soon to thrive journey in 

sustainability.

Many representatives from the People’s Group were present at the launch of the Solar Insurance product.