Page 217 - Hollard Business Policy - Binder

Solar Power
Solar panel
collects energy from the sun in the form of sunlight and converts it into electricity that can be used to power businesses or homes (sometimes also called photovoltaics) and can be mounted as follows:
1. Carport-mounted: solar array is retrofitted above an existing carport, or a purpose- built structure is installed that integrates solar panels as the roofing of the carport;
2. Ground-mounted: solar panels are held in place by racks or frames that are attached to ground-based mounting supports;
3. Mobile structure: solar array is fitted to a mobile structure e.g., a trailer;
4. Pole-mounted: pole is driven directly into the ground or embedded in concrete and solar panels are securely mounted at the top;
5. Roof-mounted: solar array is installed on the rooftop of a building
Solar peripherals
Solar power system
racking and mounting system, charge controller, cabling, switches, performance monitoring system and other electrical accessories to set up a working solar power system
system designed to generate and supply usable solar electricity by means of sunlight and photovoltaics and consists of several components, including a solar array, inverter(s), solar battery(ies) and solar peripherals
BASIS OF INDEMNITY
Irrespective of the original cause the amount payable by the Company shall be determined by:
1. Sum insured
It is expressly agreed between the Insured and the Company that at all times the sum insured for each item of the solar power system(as defined) shall be the new replacement value including freight dues, customs duties and erection costs.
2. Underinsurance
If the sum insured on any item of the solar power system (as defined) at the time of the loss is less than the new replacement value including freight dues, customs duties and erection costs, the Insured shall be considered to be their own insurer for the difference and shall bear a rateable proportion of the loss accordingly.
3. Partial damage
Where the solar power system (as defined) can be repaired the Company will pay the reasonable costs of restoring it to working order based on the customary rates of wages in the district and normal freight and erection costs and customs duties.
4. Total loss
If the cost of repairs as described in 1 above equals or exceeds the actual value of the solar power system (as defined) immediately before the occurrence such solar power system (as defined) shall be regarded as a total loss and the Company will pay the actual value of the solar power system (as defined) immediately before the occurrence which shall be calculated as the new replacement value.
5. Repair, reinstate or replace
The Company may at its option repair, reinstate or replace any damaged solar power system (as defined) or pay the amount of the damage in cash.
LIMIT OF LIABILITY
The amount of liability shall not exceed, in respect of any of the items specified in the Schedule, the sums insured set against such items and, in addition thereto, the following:
1. Architects’ and other professional fees
Professional fees necessarily and reasonably incurred in the repair or reinstatement of property following indemnifiable loss or damage;
Hollard Business Policy – Binder – Version 8 2024 Page | 215