Marsh establishes a renewable energy facility to address mid-scale solar and BESS risks
Marsh & McLennan Cos. Inc.
New facility provides streamlined, dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the US and Canada. Facility is backed by a panel of A-rated carriers and offers pre-agreed coverage terms for projects with capacity under 50 megawatts.
Marsh, the world's leading insurance broker and risk advisor, today announced the opening of a new renewable energy facility in the United States and Canada that will provide streamlined, dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks.
Renewable energy companies have struggled to find sufficient capacity for smaller standalone solar and BESS projects in a timely enough manner to satisfy developers, consultants, and financiers in the rapidly growing and competitive distributed energy resource market.
Marsh Specialty's Renewable Energy Practice developed the facility to fill this void by providing expedited policy issuance and uniform terms and conditions via forms tailored for the risks of mid-scale solar and BESS projects with capacity under 50 megawatts. The facility is backed by an A-rated carrier panel and provides pre-agreed coverage terms for construction all risk, operational all risk, general liability, and excess liability insurance as a package or as individual coverages. Through the facility, renewable energy clients can purchase replacement cost and business interruption coverage for any qualifying project, as well as liability coverage up to $25 million.
"High volumes of projects are being developed on short timelines, and traditional underwriting remains largely a lengthy, intensive, manual process,"
said Mike Kolodner, US Renewable Energy Practice Leader, Marsh Specialty.
"As part of our commitment to accelerate the transition from fossil fuels to renewables, this new dedicated facility will allow us to bind comprehensive coverage for smaller projects in days rather than months, allowing renewable energy companies to keep up with growing demand."
Marsh is the world’s leading insurance broker and risk advisor. With over 45,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue of nearly $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK
Source: Marsh news