Marsh unveils renewable energy facility

Marsh LLC said Monday it has launched a renewable energy facility providing dedicated insurance capacity for mid-scale solar and battery energy storage system risks in the U.S. and Canada.

Backed by five insurers, the facility provides projects with under 50-megawatts capacity with pre-agreed coverage terms for construction all risk, operational all risk, general liability, and excess liability, either as a package or individual policies.

Liability limits of up to $25 million are available, and for qualifying projects there are no set limits for replacement cost and business interruption coverage.

Developed by Marsh Specialty’s renewable energy practice, the facility also provides expedited policy issuance and uniform terms and conditions.

Renewable energy companies have been challenged to find sufficient capacity for smaller standalone solar and BESS projects in a quick enough timeframe to satisfy developers, consultants and financiers, Marsh said in a statement.