LOLC Insurance

MPE and LOLC Insurance Partner to Provide Comprehensive Solar Insurance to Clients

MPE, a leading provider of solar energy solutions, has partnered with LOLC Insurance to offer comprehensive solar insurance to its clients. This insurance policy covers a wide range of perils, including fire and allied perils, electrical inclusion, accidental damage, reduction in power generation, and public liability.

Coverages and Benefits:

  • Material Damage: Coverage for loss or damage to solar panels and other equipment caused by accidental means, such as falling objects, vandalism, and animal damage.
  • Reduction in Power Generation: Coverage for financial losses incurred due to a reduction in power generation caused by any of the covered perils.
  • Public Liability: Coverage for legal liability for bodily injury or property damage caused to third parties by the solar installation.

Material Damage

  • Fire and/or Lighting
  • Strike Riot/ Civil Commotion (SRCC)-Optional
  • Malicious Damage (Extension for Riot & Strike cover)
  • Explosion
  • Impact Damage
  • Flood
  • Earthquake with fire and shock
  • Natural Disaster
  • Electrical Inclusion

Reduction in power generation:

  • Covers the reduction in power generation following a damage by an insured peril to the Solar PV system.
  •  Calculation Method: Average Generation of Electricity / 30 * Unit price

Third party Liability:

The company will indemnify the insured against all sums which the insured shall become legally liable towards third party to pay as damages consequent upon.

-Accidental bodily injury to or illness contracted by any person.

-Accidental loss of or damage to property

Limit of Indemnity- LKR.500,000/- (Per event & in aggregate)