This article first appeared in PRNewswire on April 6, 2017
BOSTON, April 6, 2017 /PRNewswire/ — Liberty Mutual’s new Loss of Energy Investment Tax Credit coverage protects 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 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,” notes Randi Glazer, inland marine underwriting consultant, Liberty Mutual. “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.”
Liberty Mutual’s Loss of Energy Investment Tax Credit coverage provides replacement cost coverage for direct physical loss or damage to energy property. 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.
More information on the new Liberty Mutual product for California businesses can be seen at https://business.libertymutualgroup.com/business-insurance/Documents/CI3459%20EnergyPropTaxCredit.FINAL.pdf