GCube raises solar property coverage to USD 500m

(ADPnews) - Feb 4, 2011 - GCube, a provider of insurance for green energy technologies, said on Tuesday it has lifted its solar property coverage to USD 500 million (EUR 368.2m) from USD 300 million for one project or phase.

According to GCube, which includes London-based GCube Underwriting Limited and California-based GCube Insurance Services Inc, renewable energy insurers are increasing their coverage to support the growth in the solar industry, driven by the choice of many countries to develop solar power in order to reach 2020 climate goals. In turn, solar power developers are seeking insurers who provide this service and understand the risks of large-scale projects.

"We have sent a clear message of support to the solar industry and have cemented our position as a major insurer of solar energy technology," GCube Insurance Services senior vice president Tim Kinsella said, commenting on the company's decision.

(USD 1.0 = EUR 0.736)

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