Piraeus Insurance for up to 500kW output Photovoltaic Systems during the operation stage for Business Banking

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 caused by random risks
  • Third party civil liability arising from a random risk
  •  Loss of income
DURATION
1 year
With an option to renew
PREMIUM PER YEAR
From
€167
OTHER FEATURES
  • Insurance at "new for old" value
  • Interest-free premium instalments

How you benefit

Comprehensive coverage

Piraeus Insurance for up to 500kW output Photovoltaic Systems covers damages from random risks during the operation of photovoltaic units or photovoltaic parks installed on a building roof (excl. housing buildings) or in a field. Insured risks include fire, lightning, flood, subsidence and storm.



Damage restoration at "new for old" value

In the case of damage caused by a random risk, the compensation you receive is calculated based on the amount it costs to rebuild “as new” or to replace items with new ones of the same standards and performance at the time of the loss in the same location.



Low premiums and discounts

Piraeus offers a very affordable insurance plan for businesses with photovoltaic units with an output of up to 500kW during the operation stage. Use any Piraeus Bank credit card to pay your premiums in up to 12 interest-free monthly instalments.

Coverage

Damage, civil liability and loss of income

Piraeus offers comprehensive insurance coverage against random risks for businesses with photovoltaic units with an output of up to 500kW during the operation stage.

These include:

Insurance coverage
  Fire, lightning, explosion, airplane crashes
  Flood, storm, squall, snow, weight of snow, hail, frost
  Theft
  Malicious damage
  Short-circuits with or without fire
  Earthquake and/or fire due to earthquake
  Subsidence, landslides
  Loss of income from an insured risk, with compensation for 12 months max
  Third party civil liability as a result of insured risks (up to 10% of sum insured)




Example of premiums payable



 

Example of premiums payable
20kW Photovoltaic unit 50kW Photovoltaic unit 100kW Photovoltaic unit
Equipment – insured capital (VAT excl.)
     50.000€      100.000€      200.000€
Loss of income – insured capital
     14.000€      35.000€      70.000€
Total annual premiums
167€ 351€ 702€

Deductibles

Damage to the project itself

  • Damage due to flood, storm, squall, snow, weight of snow, hail, frost, malicious damage, theft: 10% of damage. Min. amount payable €1,000
  • Damage due to earthquake, subsidence, landslides: 2% of insured capital
  • Damage due to short-circuits with or without fire: 5% of damage. Min. amount payable €1,000


Loss of income

  • For damage: the first 7 days
  • For earthquake: the first 12 days

Conditions

Protection measures

Piraeus Insurance for up to 500kW output Photovoltaic Systems during the operation stage only offers coverage if you take the following protection measures:

  • Install an integrated lightning protection system. These systems include solar tracker grounding, caged lightning protection storage area for instruments, inverter protection, lightning protection elements and cable protection
  • Store the equipment (excl. solar panels) in a covered area. If this is not possible, any insured equipment stored outdoors must be suitable for unhindered outdoor operation and suitably protected against insured risks, in accordance with the manufacturer’s specifications
  • Enclose the area with an at least 2-metre high barbed wire or concrete fence
  • Perform inspection and maintenance of the electromechanical installations every 6 months (inspection of switches, fastenings, automated operations, etc.) in accordance with the manufacturer’s specifications and proven by a signed certificate from the maintenance technician
  • Implement at least one of the following measures:
    • - Alarm system with linked infrared motion detection sensors
    • - Video cameras and magnetic field alarms linked to a signal reception centre
    • - 24-hour security
  • Carry out a subsurface geotechnical study upon installation of the system, for subsidence, landslide and ground erosion insurance coverage


Loss of income

Piraeus Insurance for up to 500kW output Photovoltaic Systems during the operation stage covers you only if you are insured against loss of income from the disruption of operations due to an insured risk, for a period up to 12 months. The insurance plan also covers the loss of income from the sale or raw energy to the DESMIE/PPC grid, i.e. the loss of kilowatt-hours.



Inspection of facilities

ERGO Insurance Company has the right to perform inspections of the insured facilities, upon agreement with Piraeus Insurance Agency.



Pre-existing damage

Piraeus Insurance for up to 500kW output Photovoltaic Systems during the operation stage only offers coverage when:

  • There has been no damage in the last 5 years
  • There has been no damage until the date the contact is signed


Building specifications

Provided the photovoltaic system is installed on the roof of a building, the following specifications must be met:

  • The building’s roof is a flat reinforced concrete slab
  • The walls are made of reinforced concrete
  • The building was built after 1960