Facility will provide expedited insurance capacity to keep up with project demand
New York | May 2, 2022
Marsh, the world’s leading insurance broker and risk advisor, today announced the launch of a new renewable energy facility that provides streamlined, dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the US and Canada.
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.
The facility, which was developed by Marsh Specialty’s Renewable Energy Practice, fills this void by providing 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,” said Mike Kolodner, US Renewable Energy Practice Leader, Marsh Specialty. “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.”
About Marsh
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
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