‘Europe is in the midst of a BESS boom,’ says partner
Nardac has expanded its underwriting proposition for battery energy storage systems (BESS), adding construction all risks (CAR) cover to further its existing operational offering.
The London-based specialist energy and infrastructure broker and MGA said the move would help BESS developers secure protection against natural perils during construction and high-risk phases of commissioning, such as hot testing.
Alongside the new coverage, Nardac confirmed it had expanded its geographic reach for BESS underwriting, which will now be available in Europe and Australia in addition to the UK and US.
The MGA highlighted growing market activity in Germany, Benelux, Spain, Italy, Bulgaria and Poland – countries seeing a rise in large-scale battery deployment as developers move from single-site projects to portfolio-level operations.
Battery energy storage systems boom
Robert Bates, partner at Nardac, said the expanded offering would help developers manage heightened risk exposures associated with rapid build-outs and supply chain strain.
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“Europe is in the midst of a BESS boom,” Bates said.
“So, by offering construction insurance to BESS developers, we can play a direct role in ensuring the procurement of high-quality componentry and contractors with strong track records, advise upon and underwrite key construction risks and ultimately reduce the potential for equipment failure during hot testing and subsequent project downtime and revenue loss.”
Nardac’s capacity for its BESS facility is backed by eight A-rated Lloyd’s syndicates, providing up to $50m in lead market underwriting capacity for large battery developers and full capacity for smaller projects up to $20m.
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