Insurance broker and risk advisor Marsh has launched a new renewable energy facility that aims to provide streamlined, dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the US and Canada.
The facility, which was developed by Marsh Specialty’s Renewable Energy Practice, provides expedited policy issuance and uniform terms and conditions through forms tailored for risks of mid-scale solar and BESS projects – those with capacity under 50MW.
It is backed by a panel of A-rated carriers and offers pre-agreed coverage terms for construction all risk, operational all risk, general liability, and excess liability insurance, either as a package or individual coverages.
Renewable energy clients can purchase replacement cost and business interruption coverage for any qualifying project and up to $25m in liability through the facility.
“Renewable energy companies have been challenged to find enough capacity for smaller standalone solar and BESS projects in a quick enough timeframe to satisfy developers, consultants, and financiers operating in the rapidly growing and competitive distributed energy resource market,” Marsh said.
Marsh Specialty US renewable energy practice leader Mike Kolodner said: “Mid-scale solar and BESS projects present unique insurance challenges for renewable energy companies as high volumes of projects are being developed on short timelines and traditional underwriting remains largely a lengthy, intensive, manual process.
“As part of our commitment to accelerate the energy transition from fossil fuels to renewables, this new dedicated facility will enable us to bind comprehensive coverage for smaller projects within days rather than months enabling renewable energy companies to keep up with growing demand.”