Recently, Narada Power, together with ZKI Insurance and Munich Re, signed a long-term performance guarantee insurance service agreements for energy storage systems in China, providing customers and investors with more reliable operational guarantees.
Munich Re is a global provider of reinsurance, direct insurance, and insurance related risk solutions. ZKI Property Insurance Co., Ltd. was established in 2009 and is the first national property insurance company in Jiangsu Province.
Through the long-term performance guarantee insurance signed this time, the underwriting company will provide up to 10 years of performance protection for the energy storage system covered by the policy during the agreement period.
In recent years, the energy storage industry has developed rapidly, and customers have put forward increasingly high requirements for the warranty and long-term performance of electrochemical energy storage systems, especially battery products.
To effectively address the business pain points of energy storage enterprises, ZKI Insurance and Munich Re have jointly developed specialized warranty clauses for the quality and performance of energy storage systems. For faults within the scope of the energy storage system warranty contract, compensation for repair, reset, or other types of costs is provided.
Providing insurance to the energy storage system will effectively reduce the operational risks of the company in the long-term operation of energy storage projects, and also provide more protection for our clients and project investors. With excellent strength, Narada Energy Storage has passed a series of professional audits and rigorous technical evaluations by the underwriting company. The signing of this agreement is a recognition of Narada Energy Storage's strength and product quality, while improving the financiability of energy storage assets and making it easier to assist projects The developer has obtained bank financing and non recourse loans, which have intensified the company's global energy storage strategy layout The General Manager of Jindan, Energy Storage Business Unit of Narada Power Supply, said.
Narada Power will work together with underwriting companies to fully leverage the protection advantages of reinsurance, manage and reduce the battery efficiency degradation risk, construction risk, property risk, etc. of energy storage systems for customers, further increase the proportion of overseas business, and promote China's energy storage to go global.