US-based insurance brokerage Lockton has launched a new specialised insurance facility, BESS Lock, to simplify coverage for battery energy storage system (BESS) projects.
The BESS Lock facility will offer “competitive” pricing through its full-follow facility, with a capacity of up to $315m, supporting one of a panel of BESS market insurers.
Go deeper with GlobalData
The brokerage said that this solution will allow clients to leverage its expertise in energy storage and its network of insurers to finalise selected placements and obtain a pricing credit within 48 hours.
This process is said to bolster the financial feasibility of BESS projects, helping clients to allocate resources effectively towards project implementation.
BESS Lock is the latest solution offered by the Lockton Global Energy & Power (LGE) practice to address the evolving renewable energy sector.
Since 2014, LGE has been providing tailored energy storage risk solutions for projects in the US, Europe and Australia.
Lockton Global Energy & Power partner Michael Bogdan said: “With BESS playing a fundamental role in balancing grid stability and integrating renewables, it is imperative that insurance solutions keep pace with technology advancements and investor demands.
“By simplifying our clients’ ability to secure cost-effective cover, BESS Lock will help accelerate the deployment of energy storage solutions globally.”
The latest development comes after Lockton launched a digital office to drive innovation in data, analytics and technology.
The company also appointed Claude Yoder as the chief data, analytics and digital officer.
