Marsh launches renewable energy facility for mid-scale solar and BESS risks
Marsh announced the launch of a new renewable energy facility that provides 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 50 megawatts. The facility 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 $25 million in liability through the facility.
“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.” – Mike Kolodner, US Renewable Energy practice leader, Marsh Specialty.