Nov 30 2010
Energi Holdings, Delaware-based company, that offers specialized insurance and risk management solutions to power producing companies through its auxiliary company, Energi Insurance Services, declared that it has brought in an insurance program that insures the energy savings assured by the Energy Services Companies (ESCOs) for the new projects developed by them or for the up-gradation of the existing projects undertaken by them.
The Energy Savings Warranty (ESW) offered by Energi will enable municipalities, government agencies, educational institutions and other constructions with a financial security if the costs of savings projected by ESCOs are not achieved, thus protecting ESCO’s payment responsibilities towards the owners of the energy installations. Energi provides suitable insurance policies to the companies that are qualified to carry out such energy installations. The policies taken under the program are insured through the International Insurance Company of Hannover, an existing insurance firm of Hannover Re.
According to Brian K. McCarthy, CEO of Energi, the Energy Savings Warranty (ESW) provided by the company assures both the financial institutes and the project developers with a psychological perception, that insurance will protect the project through the building stages and in the energy generation stage to protect the anticipated revenue generation from the project. He added that the guarantee of ESW will allow induction of more number of energy efficient projects leading to increased job opportunities and more competent usage of available energy. The insurance programs offered by the company can be availed either directly from the company or through its chosen network of insurance brokers and agents.