Specialist insurer Altelium has launched a new ‘all risk’ battery energy storage system (BESS) insurance solution, in partnership with global insurer and reinsurer MS Amlin.
London-based Altelium has partnered with MS Amlin Underwriting Limited to provide a BESS construction all risk and operational all risk insurance solution, it announced last week (23 May). ‘All risk’ means coverage that covers all risks that are not explicitly omitted in the insurance agreement.
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The announcement comes a month after Altelium announced a partnership with fellow insurer Tokio Marine Kiln (TMK) to deliver, it claimed, the world’s first data-driven BESS warranty programme.
Altelium’s warranty is built on an understanding of battery properties, behaviours and data analytics. Its online platform allows every aspect of warranty, including data capture, performance and risk assessment, to be carried out through a single platform.
The company’s co-founder (along with Ed Grimston, pictured above at the time of the TMK announcement) and executive chairman Charley Grimston wrote about the importance of insurance in the battery energy storage sector in a recent guest blog for Energy-storage.news.
Few insurers have the ability to understand the chemistry and technology of BESS projects, or the ability to process and apply the data required to accurately price the risk into insurance products, he wrote.
Speaking about the partnership with Altelium on 23 May, Julian Samuel, head of natural resources at MS Amlin Underwriting Limited, said: “We’ve partnered with Altelium, a specialist in the sector, because of their deep technical knowledge and expertise within the battery market. I’m delighted that through this partnership, we are playing a part in the effort to combat climate change.”