Insurer tackles United States mid-scale PV and also storage threats
- Marsh's facility provides expedited policy issuance and also consistent terms and conditions for sub-50MW projects
Insurance coverage broker and also danger consultant Marsh has introduced a brand-new renewable energy facility that intends to offer streamlined, devoted insurance capacity for mid-scale solar as well as battery energy storage space system (BESS) dangers in the United States and also Canada.
The facility, which was established by Marsh Specialty's Renewable Energy Practice, provides expedited policy issuance and also consistent conditions with types tailored for dangers of mid-scale solar and BESS projects-- those with capacity under 50MW.
It is backed by a panel of A-rated providers and also supplies pre-agreed insurance coverage terms for construction all danger, functional all danger, general liability, and also excess liability insurance, either as a bundle or private protections.
Renewable energy clients can purchase replacement price as well as organization interruption coverage for any qualifying project and as much as $25m in liability through the facility.
" Renewable energy companies have actually been tested to find sufficient capacity for smaller sized standalone solar and BESS projects in a quick enough timeframe to please programmers, professionals, and also investors operating in the rapidly growing as well as competitive dispersed power source market," Marsh stated.
Marsh Specialty US renewable energy practice leader Mike Kolodner claimed: "Mid-scale solar and BESS projects existing distinct insurance difficulties for renewable energy business as high volumes of projects are being developed on brief timelines and standard underwriting stays mainly a lengthy, extensive, manual procedure.
" As part of our commitment to increase the energy transition from fossil fuels to renewables, this new specialized facility will enable us to bind extensive insurance coverage for smaller sized projects within days rather than months enabling renewable energy business to keep up with expanding need."