AEGIS Deductible Buyback Program
GCube has partnered with AEGIS to offer a deductible buyback property program for AEGIS members who own/operate wind or solar facilities.
Wind and solar assets are often insured as part of master property programs with significant corporate deductible levels. The purpose of the AEGIS-GCube program is to offer AEGIS members lower deductibles relative to the corporate program deductibles.
Deductibles as low as $100,000 for property damage and 30 days for business interruption are available in general, and lower deductibles are available if warranted in cases such as, small-scale solar projects below 5-10 MW capacity. The program covers the difference between the corporate deductible and the GCube- quoted deductible. For example, if the corporate master program has a $1,000,000 property deductible, the AEGIS-GCube Buyback Program offers coverage up to $900,000 excess of $100,000.
Coverage is for 100% of the deductible buyback. For example, if AEGIS is covering a 20% quota-share piece of a member company’s property program, the buyback coverage offered under the AEGIS-GCube program is for 100% of the buydown level versus the 20% AEGIS quota-share. In the example above, with the $1,000,000 deductible buying down to $100,000, the AEGIS-GCube coverage is for the full $900,000 excess $100,000.
The policy form for the buyback will be the GCube renewable form for wind and/or solar, but the policy will be issued on AEGIS paper. GCube is reinsuring AEGIS. The wind and solar policy forms are very broad and they are tailored to meet the specific coverage needs of wind and solar owners/operators.
The AEGIS-GCube Buyback program is available through brokers. Brokers can submit an application to either GCube or AEGIS. GCube will underwrite the risk in conjunction with AEGIS and release the quote to the AEGIS member’s broker.
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