New Coverage Available For “Mid-Scale” Renewable Energy Projects
May 25, 2022
A new renewable energy facility, to provide expedited policy issuance and uniform conditions for mid-scale solar and battery energy storage system (BESS) risks, has been announced by insurance broker Marsh. Mid-scale is defined as projects with capacity under 50-megawatts. The offering includes construction all risk, and general and excess liability coverage.
Mid-scale 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 at Marsh Specialty, quoted in an article in Insurance Business America. “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.”
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