SPONSORED CONTENT: QBE Risk Insights: Solar power systems
Solar panels are an increasingly common sight on rooftops across the nation. In fact, according to the latest figures, there are 3.04 million solar system installations in Australia1.
And it’s no surprise. With climbing energy prices and many of us firmly focusing on green energy, solar energy systems offer significant benefits to property owners.
However, as with any complex energy system, they bring unique risks and insurance considerations, advise QBE’s Bob Algie, National Product Specialist – Property, and Chris Deugarde, Risk Engineer.
- Installation risk: PV solar systems must be correctly installed and maintained to ensure safety and efficiency. This includes mounting and cabling and ensuring the structural stability of the roof if a system is installed on one.
- Weather-related risk: Hail is the leading driver behind solar system damage and claims. Subsequently, properties in areas prone to severe storms and large hail stones are most at risk.
- Fire risk: Solar panels introduce an additional source of electricity, another ignition source and new combustible materials to a property. Although not as common as weather-related incidents, the potential impact of a fire in terms of damage can be significant.
- Underinsurance risk: Ensuring business operations and assets are covered with the right insurance and have appropriate sums insureds in a changing economic environment is key.
Read QBE’s full risk insights article to hear from Algie and Deugarde on managing and mitigating these risks.
Visit QBE Risk Solutions for more risk insights and resources for you and your customers.
1 https://www.energycouncil.com.au/media/5wkkaxts/australian-energy-council-solar-report_-jan-2022.pdf
This advice is general in nature and has been prepared without taking into account your objectives, financial situation or needs. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice.