Photovoltaic Training Course - Module 5.1 - Expenses and Insurances
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Photovoltaic Training Course - Module 5.1 - Expenses and Insurances
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Photovoltaic Training Course - Module 5.1 - Expenses and Insurances
- 1. Photovoltaic Systems Training Economic Analysis 5.2 INSURANCE www.leonardo-energy.org
- 2. Operational expenses • Plant operators & maintenance staff • Spare Parts • Consumable stock: (oil, paint, etc) • Surveillance system • Monitoring system • Land Rental • Utilities: Water, light, internet… • Taxes • Insurance
- 3. Identification of risks, insurable assets & interests The insurance program should cover • Plant execution • Plant operation • Public liability www.leonardo-energy.org Insurance
- 4. Insurance Identification of risks, insurable assets & interests Insurable risks • Risks in nature • Theft, vandalism, terrorism or sabotage • Execution defects • Losses due to facility stop (indirect damages) • Breakdown of equipment • Responsibility for third person damages Non-insurable risks • Political, social or financial risks • Technological & professional risks • Strategic risks www.leonardo-energy.org
- 5. Insurance The Insurance Policy Main objective To protect the interests (heritage and profitability) of the property and of the financing company Policy must cover • Assets • Income • Responsibilities Two separate periods • Plant construction • Plant Operation www.leonardo-energy.org
- 6. Insurance Insurance During Construction Comprehensive insurance Insured goods: Foundations, solar modules and equipments, constructions and fences, civil and electrical work, equipments of protection... Comprehensive insurance conditions: All direct, sudden and unforeseen damages - unless explicitly excluded – are covered Risks that are result of: Transport, load and unload, assembly, pre-installation, installation, tests, commissioning and maintenance www.leonardo-energy.org
- 7. Natural risks Wind, hailstorm, snow and rain Other natural extraordinary phenomena Frost and defrost, Overflow and floods Collapse, detachment and landslide Earthquakes and volcanic phenomena Optional risks Consequences of a design mistake Terrorism and sabotage Strike, riot and civil commotion Insurance of maintenance (12 months) Civil responsibility Insurance Insurance During Construction Comprehensive Insurance A. Coverage Ordinary risks Fire, explosion and lightning strike Theft and vandalism Plane crashes or vehicles impacts Staging risks Technical risks: managing, assembly, tests, short circuit, overvoltage, overpressure, centrifugal force Human errors: mistakes of assembly, negligence, inexperience, malicious hurt And any other issue that is not excluded from the policy www.leonardo-energy.org
- 8. Insurance Insurance During Construction Comprehensive Policy Requirements before contracting • Analysis of the risk • Protection and vigilance measures • Control over subcontractors and bidders Other considerations • Contractual losses or penalties • Exemptions • Deliveries in different stages Who needs insurance? All persons with interests in the insured risk: project owner, operating company, financial company, bidders and subcontractors www.leonardo-energy.org
- 9. Insurance Insurance During Plant Operation Comprehensive & Multi-risk insurance Coverage Foundations, modules and equipment, buildings and fences, civil and electrical work, protection equipment... Risks to the owners and operation of the PV facility Multi-risk coverage The contract details the risks that are considered recoverable Comprehensive coverage The contract details only the exclusions, because losses from all other damages are recoverable www.leonardo-energy.org
- 10. Extensive coverage Rain, hailstorm, wind or snow Damages due to water or flood Acts of vandalism or sabotage Impact of vehicles aircraft or spaceships crashes, sonic waves Public liability CR Exploitation, employers, defence and bails CR for damages to the energy receptor Basic coverage Fire, explosion and lightning strike Optional coverage Theft and spoliation Electrical damages in electrical or electronic equipments Breakdown of equipments Loss of benefits Insurance Insurance During Plant Operation Multi-risk insurance A. Coverage www.leonardo-energy.org
- 11. Optional coverage Production losses Public Liability CR Exploitation, employers, defense and bails CR for damages to the energy receptor Bad intentions on the part of the contractor Design errors Equipment degradation Consideration General exemptions Consequences of a design mistake Other clauses Insurance Insurance During Plant Operation All-risk insurance Exclusions General exclusions www.leonardo-energy.org
- 12. Insurance Insurance During Plant Operation Comprehensive & Multi-risk insurance Requirements before contracting • Analysis of situational risks (terrain, access, etc) • Protection and vigilance measures • Control of operations & maintenance contracts Other considerations • Availability of solar modules in the market • Exemptions Who needs insurance? • All persons with interests in the insured risk: operating company & financial company www.leonardo-energy.org
Hinweis der Redaktion
- Before we move to the question of insurance, let us consider the main expenses in an operating solar plant. They will be: the plant operators and the maintenance staff. The stock of spare parts The stocks of consumables such as oil and paint. The surveillance and the monitoring system The insurance that we will have to contract The land we have to rent Other supplies Taxes The staff costs will depend on numbers and skills. It is imp to have at least one well-trained supervisor at a documentary and a functional level. At the func level he will need to have electrical and mech skills to do repairs by himself. A good supervisor can even handle repairs at several plants. Mech skills are v imp if we are using sun trackers in our PV fac. At the documentary level he has to have the ability to create documents and records to create logs of all incidents at the plant so that we can use them for the preventive and corrective maintenance. The spare parts – it is essential to have an updated list of all spare parts, available in the plant assuring enough of each element. Not having critical parts can stop the whole plant and generate serious production losses. The same is true of the stock of consumables but at a lower level - oil for sun trackers for instance. It may not stop the plant, but a lack of lubrication can lead to economic losses. It is imp to know that the inconvenience from poor monitoring or surveillance can come at a high cost. Not only because of stolen elements, but also because of production losses and labour costs. Insurance normally doesn’t cover production losses and we have to expressly define the coverage of these kinds of losses. On surveillance we recommend a combination of remote surveillance and physical security either inhouse or outhouse. The same is true of the monitoring system. A good monitoring system can be critical for the plant maintenance. We want to detect incidents as they happen to repair them as quickly as poss. For example, we have monitoring systems that measures the power being produced in our modules makes a comparison between all the different sun trackers in our solar plant. That can help us detect problems as soon as possible. For the land rental contract it is essential that we are guaranteed operation of the plant over the plant’s whole life time. If we are talking about rooftop we need to check that the roof will last 25 years and no other building will be installed close to ours that would possibly cast shadows. We need to be aware that urban terrain is much more expensive than terrain in rural areas. On supplies they are not very important to costs if we take as a reference the whole solar plant. On taxes we have to know that there are sometimes compensations for RE that are sometimes taken into account and we need to check on that with our government.
- There are two key points when considering insurance for a PV facility. First the identification of all possible risks, together with all assets (such as devices and equipment) and all interests (such production losses) where protection is needed. 2nd the coverage offered in the insurance policy needs to be carefully considered. It should cover the construction phase, plant operation, and public liability either within one insurance policy or across a series of policies. Normally, plant construction and commissioning and plant operation need two separate insurance policies. During the construction and commissioning phases there are interim risks that need to be considered, while for the operational phase, the operators can usually choose between a customized or a comprehensive insurance policy.
- In this slide you can find a list of risks associated with a PV facility classified into 2 groups: risks that can be covered by insurance and risks that cannot. The main insurable risks are natural risks from rain damage to earthquakes; risks such as theft, vandalism or sabotage – here investment in surveillance and security can help keep insurance premium costs down; risk of workers’ personal injury; or risks associated with the construction and commissioning of the plant – such as the risk of delays due to defective materials or machinery breakdowns. Risks of loss of production – are not normally covered within comprehensive insurance policies – therefore they need to be expressly included in the insurance policy. Non-insurable risks include political, social or financial risks that lead to losses, such as unforeseen tariff changes or technological or technological risks such as the choice of non-performing technology. Risks from strategic decision-making are also non-insurable.
- In choosing an insurance policy, the main goal must be to protect the interests of the owner company and those of the financing company. The interests of these two entities are often similar, but that is not always the case. The insurance policy should cover the owner’s and finance companies assets, income and their responsibilities associated with the solar plant. The insurance companies will look at two distinct issues: the risks associated with project execution – that is planning to commissioning - and the risks associated with plant operation.
- It is recommended to get comprehensive insurance that covers all possible risks up to plant operation. The main elements to cover are the foundations, installation of equipment in the solar plant, particularly the modules and inverters, all the buildings and fences, all civil and electrical works and the installation of electrical protections throughout the plant. Coverage should be against all possible risk including transportation from the manufacturer to the PV facility and their exposure to the elements during delivery; the load and unload of materials, assembly and - very important - during testing and commissioning. Insurance during maintenance is covered as part of plant operation. Comprehensive insurance will cover all direct, sudden and unforeseen damages that are not explicitly excluded from the insurance policy.
- Here we have a table that includes coverage for all insurable risks prior to plant operation. There are four types: ordinary risks, natural risks, staging risks and optional risks. Ordinary risk includes fire or explosion from malfunction. The risk of injury to staff is an ordinary risk as is the risk of theft. To minimise premiums against theft, it is good practice to store materials behind a fence with the most critical materials in a locked room. Natural risks are not as important prior to plant operation as they are during operation. Natural risks include losses due to snow , rain or frost and any natural action that may cause panels to break. There are two main types of risk during the construction and commissioning period: known as ‘staging risks’– the first is technical risks of losses where materials are badly managed, or perhaps there is damage during commissioning due to an unnoticed poor connection. The second kind of ‘staging risk’ is human error due to inexperience or negligence, for example. Finally there are optional risks. There are risks where you may want insurance cover, but actually getting coverage can be difficult – such as cover against design mistakes. And risks where no insurance will provide cover such as risk of strikes or civil protests. With comprehensive insurance, on the whole, where risks are not specifically excluded from a policy they are included in the policy.
- It is vital to analyze all risks that may occur before the plant goes into operation if a good comprehensive insurance policy up to plant operation is to be achieved. Reasonable steps to protect the site, materials and equipment will be expected, as the surveillance system is unlikely to be in operation at this stage. It is also important that subcontractors and workers on our project follow safety guidelines or have their own insurance. In fact, all people and companies involved in the execution of the project must be covered by insurance – either the project insurance or their own policy.
- For plant operation, there is a choice between a comprehensive policy and a customized, multi-risk policy. The elements to insure are almost the same as during plant execution: The foundations, the modules and equipment, the fences and construction, the civil and electrical works, and the electrical protections. Here are the differences between the two: Comprehensive insurance and customized insurance policies will be considered later. A customized insurance approach details in the policy what are considered recoverable incidents as opposed to the approach in comprehensive policies where virtually all losses are considered recoverable, unless explicitly detailed as unrecoverable in the policy.
- This customized insurance approach starts with some guarantees of risk coverage for basic areas such as fire, explosion and some natural phenomena such as lightning strikes. It is recommended that the coverage for natural phenomena be to risks from rain or wind damage and so on. Wind coverage is particularly important in plants with sun trackers. Other optional coverage includes theft, electrical damage, possible breakdowns in equipment – coverage against breakdown of inverters is particularly recommended. It is really important to include public liability in a customized insurance policy.
- Comprehensive insurance policies normally they include everything seen in the last slide and exclude ‘bad intentions’ on the part of the contractor; design mistakes – following the design checklist is very important if you hope to eliminate the possibility of design mistakes - , and the policy will exclude performance degradation of elements in the plant – this refers mainly to the degradation of the solar modules. That, however, is usually guaranteed by the manufacturers. Normally the manufacturers guarantee and expect a 20% degradation in the modules in the first 25 years. Some guarantee a degradation of only 10% in the first 10 years. The only optional gcoverage you would usually seek to add to a comprehensive insurance policy would be coverage against production losses and labour downtime. Coverage against these kinds of losses is recommended, but you have to consider the price of including them and the risks of them occuring. Normally a sun tracking system plant is more risky than one without sun trackers. Whether you opt for a customized or comprehensive insurance policy, it is important to cover public liability insurance.
- Before signing, check the requirements of the policy. Analyse all the risks and take account of the protection and vigilance measures that are in place. The surveillance system should be operational, reducing some risks. There are guarantees in the operation and maintenance contracts. These reuce the need for insurance cover. On the other side, you need to consider issues such as the availability of solar modules in the market. Those needing insurance cover are the operating company and the financial company. Where services such as maintenance are outsourced, checks should be made on the validity, adequacy and effectiveness of their insurance cover.