Energy and infrastructure reinsurance broker and Managing General Agency Nardac has launched underwriting services for battery energy storage projects. It is provided by eight A-rated Lloyds syndicates and will enable Nardac to provide $50 million in underwriting to battery developers and operators for projects worldwide.
It claims it will provide the BESS sector with comprehensive insurance services “rooted in the understanding of evolving cell chemistries and types, the more granular battery management systems now available, and the increasing energy density of cabinets.”
Dr. Tom Harries, partner at Nardac, said: “The project development pipeline for battery energy storage systems is growing at an exponential rate. But while there is impetus to quickly deploy batteries to manage the shift to low-carbon and electrified power grids, there are some significant hurdles in opening up greater insurance capacity to support this transition.”
Nardac is part of Amwins, a global specialist insurance distributor.
Photo: Dr Tim Harries sees significant hurdles in opening up insurance capacity. Nardac
