All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems during the assembly and installation stage

Insurance plan for up to 500kW output photovoltaic systems or photovoltaic parks offered by Piraeus Bank in partnership with ERGO Insurance Company. It covers damage, civil liability and loss of income for random risks that occur during the operation of photovoltaic units installed on a building roof or in a field. The maximum insurable value is €800,000.
TYPE OF COMPENSATION /
BENEFITS
  • Damage to the project due to any risk
  • Third party civil liability arising from any risk
  • Employer liability
     
DURATION
Up to 6 months
With the option of extending the coverage
PREMIUM PER YEAR
From
€ 230
OTHER FEATURES
  • Comprehensive coverage
  • Interest-free premium instalments

How you benefit

Comprehensive coverage

All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems covers damage due to any risk during the assembly or installation of the photovoltaic systems or units. Insured risks include fire, lightning, flood, subsidence and storm.



Low premiums and discounts

All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems during the assembly and installation stage is offered at a very affordable cost. Use any Piraeus Bank credit card to pay your premiums in up to 12 interest-free monthly instalments.

Coverage

Basic coverage

All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems during the assembly and installation stage covers you for:

  • Damage to the project itself
  • Third party civil liability arising from any risk

These include:

Coverage Notes
Strikes, riots, civil unrest
    
Terrorist acts
     Highest liability payout: 25% of the value of contractual works per incident and cumulatively until the works have been completed
Extended maintenance
    2 months
Guarantee for constructions in earthquake-prone areas
    
Coverage during the testing stage of the machinery and installations
    2 weeks
2 weeks
    
Construction materials
    10 days
Worksite installations, equipment, machinery
    
Coverage for erroneous design
    Only relates to new civil engineering works
Coverage for manufacturer risk
    Only applies to electromechanical equipment
Fire-protection measures
    Highest value per storage facility: 15% of the contractual works
Worksite living quarters and storage rooms
    Compensation payout per incident: 15% of the value of contractual works for worksite living quarters or every independent storage facility
Underground cables, pipes, installations and networks
    
Crop, forest and antiquity excluded
    
Protective measures for flood and inclined water flow
    




Third party civil liability

All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems during the assembly and installation stage covers you for any amount you have to pay as compensation if you are legally liable for third-party bodily injury or loss/damage to third-party property due to an accident relating to the assembly of the system.



Employer liability

All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems during the assembly and installation stage covers you for civil liability against your salaried employees, in accordance with Articles 657, 658 & 932 of the Greek Civil Code. Employer liability may arise from an occupational accident during the performance of works on the project or the work itself which is due to your negligence, excluding any other public body.

Deductibles

Damage to the project itself

  • Damage due to earthquake: 2% of insured capital
  • Damage due to acts of God (excl. earthquake), fire, water in general, subsidence, collapse, landslide, short-circuit, strikes, riots, civil unrest, terrorist acts, coverage during the testing stage of the machinery and installations, coverage for erroneous design, coverage for manufacturer risk: €3,500
  • Damage from other risks: €1,500
  • Damage from theft within secured areas: 10% of damage with €3,500 minimum per incident.
  • Damage from theft outside secured areas: 10% of damage with €1,500 minimum per incident


Third party civil liability arising from any risk

  • Special clause 208: 10% of damage with €600 minimum per incident
  • Other damages: €700 per incident

Exceptions

When your insurance plan does not cover you

All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems during the assembly and installation stage does not cover you for:

  • Any loss or damage due to the use of explosives
  • Any damage before the final acceptance of the risk by the insurance company
  • Any damage due to demolition or dismantling works
  • Any loss or damage to gardens, vegetation, plants and trees
  • Any loss or damage due to professional liability or surveyors, engineering advisors, architectural advisors, etc.
  • Any loss or damage to any property, plot of land or building, or bodily injury to third parties directly or indirectly due to vibration, shifting or weakening of the shell of a neighbouring structure. All other damage to neigbouring structures is covered
  • Any existing or assumed liability for damage or loss due to direct or indirect contact in any way with asbestos or materials containing asbestos, in any form or quantity
  • Damage or loss from contamination or pollution of the air, water or ground

Notes/Special agreements

Terrorist act insurance

The terrorist act insurance is subject to the discretion of the insurance company. The coverage may be interrupted at any time with a 7-day notice and without the existence of any condition.



VAT insurance

In accordance with paragraphs 1 and 3 of Article 15 of Law 2836/2000, the obligation for VAT settlement in the event of insurance company payout does not apply for businesses when it is due to destruction, loss or theft of their assets. Therefore, VAT is not insured for businesses with a right to settlement.

Conditions

Fire-protection measures

All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems during the assembly and installation stage only covers you when all fire-protection measures are in full readiness before the testing period commences.



Safety measures to prevent accidents


All Risks Piraeus Insurance for up to 500kW Photovoltaic Systems during the assembly and installation stage only covers you if you have taken the required accident and damage prevention measures and you abide by the laws and regulations on public safety and the safety of the staff you employ in any capacity for the project.



Storage of materials and tools

Coverage for theft of materials and tools is offered only when the materials or tools are stored in a locked enclosed area during non-operating hours.



Previous civil liability policy

If there is a civil liability policy for assembly in effect for the project you have undertaken as a contractor or subcontractor, this policy will take effect first. If its limits are exhausted, then the other policy will take effect in excess of the previous limits.