Hail is now the costliest renewables peril in North America
Photo: Chris Allan, U.S. Department of Energy, public domain, via Wikimedia Commons
A new Tokio Marine GX report says utility-scale solar now makes up 80 to 90 percent of yearly extreme-weather losses. Hail claims average about $9.1 million each. The report also warns that business interruption cover of 12 to 18 months falls short when one transformer outage can last three years. Risk managers should check whether solar sites can stow panels for hail. They should also check whether BI periods and spare-parts plans match real transformer lead times. Source: Renewable Energy Magazine.