Energy storage system insurance premium

Is Bess a good investment for battery energy storage risks?

As a lead underwriter in both London and New York of battery energy storage risks we have a strong appetite for BESS and it is an important part of our renewable energy insurance portfolio.

How has fire impacted energy storage insurance cover?

High profile fire incidents in the BESS sector 10 have started to affect insurers’ appetite to provide energy storage insurance cover. 11 The insurance market for BESS has seen a reduced capacity as a consequence of some key insurers exiting the insurance market or having a very narrow underwriting footprint.

Why do you need warranty insurance for your energy storage system?

Our warranty insurance solutions help to secure your sustainable business in the long run. Energy storage systems often involve the complex integration of multiple high-tech components. These are all prone to failure and malfunction, particularly over long periods of ten years and more.

Is energy storage becoming a major sector?

The last 5-7 years of energy storage becoming a major sector is a very short time for insurance companies that rely upon historical data to understand risk and exposure, said Ross Kiddie, specialist battery insurance firm Altelium’s manager for North America.

What do insurance companies look for in a storage company?

Insurers consider balance-sheet support and look for a developer to make a guarantee that is similar, if not stronger. In the context of energy storage, there are usually two types of warranties. First, there is a product warranty, which is a guarantee against defects.

Are battery energy storage systems being affected by fires?

Battery energy storage systems (BESS) have been in the news after being affected by a series of high-profile fires.