Marsh LLC said on Monday that it has launched a renewable energy facility that provides dedicated insurance capacity for risks for medium-sized solar and battery energy storage systems in the United States and Canada.
Backed by five insurers, the facility provides projects with a capacity of less than 50 megawatts with pre-agreed coverage terms for construction all risk, operational all risk, general liability and excess liability, either as a package or individual insurance.
Liability limits of up to $ 25 million are available, and for eligible projects, there are no set limits for replacement costs and business interruption coverage.
The facility has been developed by Marsh Specialty̵
7;s practice for renewable energy and also provides fast issuance of insurance and uniform terms.Renewable energy companies have been challenged to find sufficient capacity for smaller stand-alone solar and BESS projects within a fast enough timeframe to satisfy developers, consultants and financiers, Marsh said in a statement.
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