As we work towards a greener planet we are seeing a huge increase in the use of solar panel technology. According to Statista in 2022, China was the leading country based on solar energy consumption, followed by the United States1. In the UK, there are approximately 1.3 million solar panel installations and in 2023, a modest 2.3% of the total energy produced by the UK was solar power2.
So, how do solar panels work?
Solar panels, also known as photovoltaic (PV), have cells which generate electricity from sunlight even on cloudy days when there is no direct sunlight.
Huge investment in solar panels in the UK
According to Greenmatch (2024), the solar PV market is projected to grow over 20% by 20263 and we can see this being reflected in recent news stories. Mastercard has applied to install 779 solar panels at its offices in Harrogate4 and the National Children’s Museum in Halifax has had plans approved for 581 solar panels5. Perdiswell Leisure Centre in Worchester is investing £260,000 in a new energy efficient water recover system thanks to solar panels6 and Orbital Retail Park in Swinton has been given the green light to instal 5,000 solar panels7. We could go on…
The insurance market and solar panels
The insurance market has a number of concerns regarding PV systems, as there have been several reported fires involving PV solar panels.
Last month, two solar panel manufacturing companies, one in China and the other in Ohio, both experienced fires at their factories8. Even more recently, the Sydney Olympic Park Aquatic Centre had to evacuate over 2,500 people after its solar panels caught fire9.
Contrary to popular belief, its not just abroad that this happens. A Travelodge hotel on the south coast of England, in Poole, had to evacuate the building when a fire involving solar panels broke out on the roof in March.10
A number of things can cause these fires including poor PV panel installation, using incorrectly specified equipment, faulty equipment, panel faults, Whether you’re hosting a one-off event or it’s going to be recurring throughout the year, one thing is clear: you need event protection.
But what is event insurance, and what does it include? And do you really need cover for the whole year if it’s just a one-off event?
What does event insurance include?
‘Event insurance’ is an umbrella term for a few different types of protection. While packages vary, you can typically expect to find the following included as standard:
- Public liability covers you for incidents where someone files a claim against you if they’ve experienced injury or property damage because of your event
- Theft, which covers you against losses you incur due to theft at your event
- The weather, venues, and life in general all present with an element of unpredictability. Cancellation protection covers you for losses experienced due to unforeseen cancellations.
- Property damage. When you welcome the public into your event, anything can happen, including property damage – even if it’s unintentional. Property damage cover protects you against this.
When do you need event insurance?
There are a number of situations you might need event insurance for, including:
- School fetes
- Hobby classes, e.g., art or ballet lessons
- Markets
- Carnivals
- Charity events.
Even one-off events require event insurance, because they’re just as susceptible to incidents – like a public liability claim or weather-related cancellation – that could leave you significantly out of pocket without the right protection.
Do I need cover for the whole year for a one-off event?
One of the biggest mistakes you can make is purchasing your event insurance too late.
Let’s say you have an event planned in eight months’ time and, because the event isn’t for a few months, you haven’t purchased cover yet. The misunderstanding here is that nothing can go wrong until the actual date of the event – but this is wrong.
There are lots of things that can go wrong prior to the date of your event, from unforeseen illnesses to unexpected venue issues leading to costly relocation fees. It’s therefore crucial you book your insurance as soon as possible, because the sooner you book it, the earlier you’re covered for any number of unforeseen incidents that may occur prior to the date of your event.