25 Year Insurance Backed Warranty
In addition to a comprehensive Standard Canadian Solar Warranty, Canadian Solar has purchased product warranty insurance to “back-stop” the product warranty. This insurance applies to the 10-year warranty against workmanship and material defects and the 25-year power output performance warranty. The standard Canadian Solar warranty is as follows:
10-year warranty for material and workmanship, and a linear power performance warranty that guarantees the actual power output of its modules will be no less than 97% of the labelled power output during the first year, and will decline by no more than 0.7% annually so that by the end of year 25 the actual power output will be no less than 80% of the module’s labelled power output.
This insurance policy, purchased through PowerGuard Specialty Insurance Services, is underwritten by the following three reputable investment grade insurance carriers:
– Companion Property Casualty Insurance Company (A.M. Best Credit Rating: A VIII) www.companiongroup.com
– International Insurance Company of Hannover Limited (A.M. Best Credit Rating: A XV) www.inter-hannover.com
– RSUI Indemnity Company (A.M. Best Credit Rating: A XII) www.rsui.com
Canadian Solar’s customers, whose panels have been installed by Solaray Energy and registered by Canadian Solar, will enjoy a global, irrevocable, immediate coverage based warranty which provides third-party rights to the policy in case of insolvency or bankruptcy.
- Immediate coverage (no waiting period)
- 25-year non- cancellable term (even if Canadian Solar becomes insolvent or bankrupt)
- A.M. Best rated “A” VIII or better investment grade insurance underwriters (enhanced bankability)
- Insurance Program fully insures the Comprehensive Canadian Solar Warranty including design defect, workmanship and power output coverage
- Allowing Third-Party policy rights (satisfies investors/bankers requirements)
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