New platform set to address $20 billion US solar PV middle market through automated underwriting for retail brokers
Newport Beach, California 10 July 2023
NARDAC Insurance Services (“NARDAC”) launches, Community Solar, an automated, online platform for insuring commercial and industrial-scale (C&I) solar photovoltaic (PV) sites in the U.S. Retail broker clients can access a quote-and-bind system for insuring PV assets with a replacement cost of $2 million to 20 million per location.
“We have delivered on what we promised to our retail broker clients” said Jatin Sharma, Managing Partner at NARDAC. “We have designed an efficient solution to underwrite an under-served market segment that is full of entrepreneurial insureds, while lowering the barrier to entry for insurers seeking to actively support the energy transition. This innovation will disrupt the U.S. commercial and industrial solar insurance market and I’m proud of our team for delivering this new product.”
Community Solar is designed to save retail brokers and their insureds time and money. The online platform is simple and user-friendly, generating quotes minutes after uploading underwriting information for each site. Select retail brokers can access highly rated capacity with competitive terms and conditions, with no minimum premium requirement. Coverage and terms can be tailored for each site.
“We are delighted to roll-out this innovative solution for our clients” said Hannah Webb, Underwriting Partner at NARDAC. “We are initially starting with cover for Operational All Risks and Business Interruption. In phase 2 we are adding cover for complimentary lines of coverage. In 2024 we will expand the platform to other, large overlooked markets in Rest of the World”.
Community Solar is led by Canopius Syndicate 4444 with a panel of A-rated Lloyd’s and Company Market capacity.