XINYU CITY, China, and MUNICH and SUNNYVALE, Calif., June 19, 2013 /PRNewswire/ -- LDK Solar Co., Ltd. (NYSE: LDK) ("LDK Solar") a leading vertically integrated manufacturer of photovoltaic (PV) products, together with its partner Solarif, a fully mandated underwriter of HDI-Gerling Netherlands for PV insurances, today in conjunction with the opening of InterSolar Munich 2013, announced the worldwide extension and further advancements of the warranty insurance package, LDK Solar Secure Insurance.
After the initial introduction in Europe, LDK Solar Secure Insurance has now been extended to worldwide coverage, including emerging solar PV markets as China, South America, Australia and Africa. The U.S. and Canada are also covered for projects with a minimum size of 1 MWp. The only exclusions are countries where legislation prohibits issuing the Solar PV Insurance, such as India.
Following the introduction phase for larger commercial PV systems, the insurance offer has been extended to the target group of commercial and residential customers, including smaller PV installations less than or equal to 300 kW.
All modules of LDK Solar will have a 1-year insurance package inclusive in the module price (´value offer´). This package contains 1-year All Risk system insurance as well as 1-year insured warranty and cover of damages due to inherent defect, which becomes valid upon application by the customer. Additionally, customers will have the opportunity to double the coverage at a one-off surcharge to a 2-year insurance package together with increased warranty conditions by upgrading to the LDK Solar 'professional offer'. After this initial period customers can extend the coverage based on individual risk assessments up to 20 years.
Since the introduction in June 2012, more than 100 MW of installed LDK Solar modules have been covered with LDK Solar Secure Insurance in several countries.
LDK Solar Secure Insurance provides customers a complete insurance package combining an operational 'All Risk Insurance' with a Warranty and Inherent Defect insurance. It includes a full backup of LDK Solar Product and Power Warranties on PV modules. Additionally, the embedded All Risk Insurance applies to all other components of the PV system. With this comprehensive solution each LDK Solar customer can secure their investment against external damages like theft, vandalism, hail, lightning strike or snow load, as well as internal damages resulting from an inherent defect. In case of a warranty claim customers will also receive compensation for production loss during the warranty exchange period.
The insurance package is covered by HDI-Gerling Netherlands, an A rated insurance company and one of the biggest German insurers of property & casualty. As an independent third party, Solarif completed a successful audit on LDK Solar's manufacturing process and product quality.
René Moerman, Chief Strategy Officer of Solarif: "The demand for PV Insurance is increasing worldwide especially in large markets like China, Japan and other emerging countries. We are continually enhancing our offering and we are pleased to expand our insurance network worldwide to extend our collaboration with LDK Solar."
Mr. Tong, CEO of LDK Solar: "We are pleased to address the increasing demand from emerging markets with our comprehensive warranty insurance package by making it more broadly available to customers."