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Liberty Mutual Insurance Co. on Thursday said its new loss of energy investment tax credit coverage provides replacement cost coverage for California businesses for direct physical loss or damage to energy property.
The coverage is designed to protect owners, developers and investors from financial loss stemming from damage to energy property, such as solar panels mounted to the roof of a commercial building, the insurer said in a statement.
The coverage indemnifies the insured for the costs of fines and penalties that may be assessed by the IRS relating to the recapture of investment tax credits.
It also will reimburse policyholders for resulting loss of energy investment tax credits, indemnifying policyholders for fines and penalties that may be assessed by the federal and state tax authorities related to the recapture of investment tax credits, Liberty Mutual said.
The coverage responds to the resulting recapture of investment tax credits that were granted for energy property, in accordance with Section 48 of the Internal Revenue Code, according to the statement.
“The new product responds to the need of California companies who have taken advantage of federal and state Investment Tax Credit programs to install solar equipment,” Randi Glazer, Walnut Creek, California-based inland marine underwriting consultant, said in the statement. “Should the solar equipment become damaged and taken offline, a company may lose an important revenue stream. It may also face fines and the need to repay some portion of the dollar-for-dollar tax credit received by installing the equipment.”
A white paper by Bahrain-based reinsurer Trust International Insurance & Reinsurance Company B.S.C. has said that energy and power insurance will remain a "growth business" with world energy demand projected to increase by up to 50% over the next 25 years. The energy and power sector is expected to receive investments of around $70 trillion by 2040, with particularly steep growth expected in insurance premiums, Middle East Insurance Review reported. Energy insurance premiums totaled around $14.2 billion, while power insurance premiums came in at about $9.4 billion in 2014.