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Amwins Global Risks Expands Insurance Facility for BESS and EV Charging
Amwins Global Risks (AGR) has expanded its specialized insurance facility to include coverage for Battery Energy Storage Systems (BESS) and EV charging infrastructure. This expansion supports the growth of distributed energy projects by insuring portfolios of smaller assets under a single program. It offers consistent underwriting and manages risks at a portfolio level, covering both construction and operational risks.
Amwins Global Risks (AGR) has recently announced a significant expansion of its specialized Commercial & Industrial (C&I) insurance facility. This facility now includes coverage for battery energy storage systems (BESS) and electric vehicle (EV) charging infrastructure. The primary objective of this expansion is to support the increasing deployment of distributed energy infrastructure.
According to Dr. Tom Harries, Director at Amwins Global Risks, the expansion is specifically designed to address situations where individual assets might be relatively small and geographically dispersed, yet collectively form substantial portfolios for developers, owners, and investors. By aggregating these assets within a single portfolio, AGR can provide a consistent underwriting approach across multiple locations. Simultaneously, natural catastrophe exposure is assessed and managed at the portfolio level.
The facility is set to assist in providing coverage for the rapidly expanding construction of EV charging stations in the U.S. It can accommodate both construction and operational risks, including Delay in Start-Up (DSU) and Business Interruption (BI) cover. Furthermore, deductibles can be structured to reflect the scale and characteristics of individual assets. This approach helps to avoid potentially disproportionate deductibles that might arise when smaller projects are insured using frameworks originally designed for larger, utility-scale assets.
Historically, the insurance market has been structured to handle either individual projects or much larger utility-scale assets. However, C&I battery storage and EV charging fall somewhere between these two traditional models. AGR's established Community Solar facility, which currently offers portfolio-based insurance for distributed commercial and community-scale solar assets, forms the basis for the newly expanded C&I offering. The growing integration of distributed energy technologies is reflected by the inclusion of BESS and EV charging infrastructure. This allows developers the flexibility to concentrate on expanding their portfolios, with the assurance that their insurance program can adapt and grow alongside them.
This facility represents a part of Amwins' ongoing investment in specialized insurance solutions for the global energy and infrastructure sector.
Source: ESS News
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