Insurance snag

RICKY JORDAN,

Added 15 November 2012

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HIGH INSURANCE COSTS and the need for electrical upgrades are preventing several Barbadians  from installing  energy-saving solar power systems. This is the word from chief innovation officer at Innogen Technologies Inc., Mark Hill, who told the DAILY NATION Tuesday that at least six out  of every ten homeowners could not afford the premiums needed  for fire insurance, as well  as the public liability insurance necessary, once one had a system that would be feeding electricity into the national grid. He said the situation was proving to be problematic for owners  of wooden homes which, because of their obvious greater risk, had to get fire and general insurance as well as  public liability insurance for the use  of solar-powered  energy systems. “It has turned out that the insurance costs are proving to be even more than the costs of the actual solar systems which are affordable, with no downpayment options at some commercial banks and lending institutions,” he explained.

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