Insurtech group Altelium launches ‘all risk’ BESS solution

Share on linkedin
LinkedIn
Share on twitter
Twitter
Share on reddit
Reddit
Share on facebook
Facebook
Share on email
Email

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.

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.”

Read Next

August 8, 2022
Global battery energy storage system (BESS) integrator Fluence is setting up a new contract manufacturing facility in Utah to serve the US market.
August 5, 2022
E-mobility and energy storage company New HOrizons Ahead (NHOA) has started installation work on an LFP-based 100MW/200MWh battery energy storage system (BESS) in Western Australia, the state’s largest.
August 5, 2022
Stem Inc grew revenues 246% in quarter two 2022 and ended the period with a contracted backlog of US$727 million.
August 4, 2022
Conrad Energy has launched construction of a 6MW/12MWh battery energy storage system in Somerset, UK, after local opposition thwarted original plans for a new gas generator.
August 2, 2022
Developer Black Mountain Energy Storage (BMES) has sold 700MW of development-stage projects to UBS Asset Management, its third substantial sale in the Texas, ERCOT market in two months.

Most Popular

Email Newsletter