• How tall projects are if the farm is involved in construction
• Where the farm’s operations are located
• Inland Marine Coverage
• Equipment Floater Coverage
Running a solar farm comes with a certain amount of risk, and those risks include both general risks and ones that are particular to the solar industry. Solar farm insurance helps solar farms in Vermont protect themselves from many of the risks they’re exposed to.
Solar farm insurance policies are specially crafted commercial insurance policies made for solar farms and similar businesses. Most policies are written as package policies that come with multiple protections, and businesses can normally adjust the protections in their particular policies so that the coverages are well-suited to their situation.
Insurance companies look at a wealth of variables when setting premiums for solar farm policies. A few of the items that might influence how much a policy costs include:
Whatever premiums paid are generally tax-deductible so long as the insurance is solely used to protect a business. (Farms should consult a qualified tax professional before deducting any expense, as tax laws can change and must be applied to particular situations.)
There are many different policies that solar farm policies might offer. Lots of these coverages can be grouped as property or liability protections, but there are other protections as well.
Some of the property-related protections that policies often make available are:
Some of the liability-related protections that policies often make available are:
In addition to these, policies can frequently also include commercial auto insurance and business interruption coverage. Business interruption coverage normally provides supplemental payments if revenue decreases following a covered incident, and it may provide coverage for incidents that affect owned and/or leased equipment.
An insurance agent who specializes in solar farm policies can help farms make informed coverage decisions when comparing policy options.
The bodily injury coverage found in general liability policies is typically meant to cover certain injuries that are sustained by third parties, such as customers and vendors. In most cases, this coverage doesn’t extend to employees who suffer on-the-job injuries.
Workers compensation coverage is the insurance that’s normally designed to cover employees’ on-the-job injuries and illnesses. Most insurance agents who are familiar with general liability policies can also help businesses find workers compensation policies (as well as liquor liability and product liability policies).
A solar revenue put generally serves as an assurance that a solar farm will produce a minimum amount of power. If the farm doesn’t meet the minimum threshold, the put usually provides payment.
Solar revenue puts are becoming increasingly common, and some solar farms may need one to acquire financing. Because these are so uniquely specialized and different from traditional insurance protections, though, they’re usually procured as separate agreements. A specialized insurance agent may be able to help with searching for a put, or they might be able to provide a referral to a company that offers puts for the solar industry.
The vast majority of solar farms in Vermont should have a solar farm policy. These businesses are generally exposed to a variety of risks, and this is usually the type of insurance that best protects against those risks.
For help insuring a solar farm in Vermont, contact the independent insurance agents at Paige & Campbell Insurance. Our agents have the expertise necessary to find you a policy that provides the protections your farm needs, and they can show you multiple available solar farm insurance policies from different insurers since we’re an independent agency.