eMaxx makes alternative energy warranties available via a captive
eMaxx, a tech-enabled specialty provider of commercial property and casualty insurance programmes, has made its alternative energy warranty products available through a variable cost captive solution.
The suite of warranty programmes provide an insurance-backed solution for product and performance shortfalls backstopped through XOL quota share reinsurance. It is targeted at manufacturers, developers and owners of renewable, alternative and energy efficiency projects.
The alternative energy warranty products provide a variable cost captive solution to ensure projects perform in line with expectations, and reduce credit exposure. eMaxx offers a turnkey approach for businesses wanting to offer these warranties, including a Vermont segregated cell captive, proprietary policy forms, captive management and reinsurance brokering.
Programmes include energy savings warranty, solar performance warranty, manufacturer’s product warranty and performance warranty.
Kevin Kaminski, senior vice president of underwriting at eMaxx, said increasing environmental social governance (ESG) awareness, along with increasing energy costs and volatility, are driving the implementation of alternative energy and energy efficiency projects. “Our alternative energy warranty products facilitate financing by mitigating performance risk and improving the strength of manufacturer’s and contractor’s warranties,” he added.
Nick Blaine, vice president at USI Insurance Services, said: “Performance based warranty programmes for alternative, renewable and energy efficiency projects have the ability to increase the project owners confidence that the project will yield the designed performance while reducing alignment between the warranty provider and reinsurers.”