Launch of new solar energy proposition
RSA is launching a new solar proposition to join its range of renewable energy products, which will include cover for the construction and operation of the three main solar power generation processes.
It is estimated that the energy in sunlight reaching the earth in just 70 minutes is equivalent to the annual global consumption of energy. Also, the amount of solar energy reaching the surface of the planet is so vast, that in one year it is almost twice the amount that will ever be obtained from non-renewable resources such as coal, oil, natural gases and mined uranium combined.
The three main solar power generation processes are:
- Photovoltaic Power (PV) plants that use semiconductors to directly convert light radiated energy from the sun into electrical output.
- Solar Thermal Power plants that harness the radiated heat energy received from the sun by converting it into useful electrical power by means of conventional steam driven generating plant.
- Concentrating Solar Thermal Power plants that focus sunlight to create a small high-energy beam of light that can then be directed at a fluid-filled heat receptor. The captured heat energy is usually fed into a steam generating plant at temperatures significantly over 100 degrees Celsius. As with conventional power plants, the steam is used in a turbine to generate electricity.
Having extensively researched the technology and market characteristics, RSA has created a bespoke solution for this sector of the market that is seeing significant expansion and diversification.
We aim to give brokers a product that displays an in-depth understanding of the risks associated with the technology
Steve Kelly, Leader of the Global Bioenergy and Solar Power Center of Excellence at RSA
The cover provided is tailored to this segment by including all of the key items of a plant that would typically be included in such risks and includes extensions such as unspecified storage sites, refurbishing of equipment including associated transit and loss of contents from thermal power plants.
Steve Kelly, Leader of the Global Bioenergy and Solar Power Center of Excellence at RSA said: “There have been huge leaps in recent years to develop solar power technology and make it a more commercially viable power generation alternative. By segmenting the technologies to this level, we aim to give brokers a product that recognises the key characteristics of the technology and display an in-depth understanding of the risks associated with it. Renewable energy is becoming ever more important to businesses that have to meet a range of targets set by the Government to increase the use of renewable energy.”
