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In addition to its new battery performance insurance, Munich Re has been offering performance coverage in other areas of the renewable energy sector for several years, for example for solar and wind parks and fuel cells. Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions.
The new coverage allows battery manufacturers to insure their customer warranties. For example, if the repair or replacement costs of defective or weak battery modules exceed a predetermined amount, the insurance then covers the rest.
Our warranty insurance solutions help to secure your sustainable business in the long run. Energy storage systems often involve the complex integration of multiple high-tech components. These are all prone to failure and malfunction, particularly over long periods of ten years and more.
As a manufacturer and system integrator you have to provide your customers with warranties. However, excessive warranty claims or a gap of warranties can negatively affect your financial stability. Serial failure events can cause high cumulative warranty claims
Munich Re''s latest development in the energy sector sees it become the first in the world to offer long-term insurance for battery performance, with a solution that covers …
Grid-scale battery insurance continues to be an industry aspiration, but I see little evidence that insurance policy-writers are putting words into action. While almost every major insurance provider features a …
As BESS technology continues to evolve and gain wider adoption, the insurance industry needs to adapt to assess and manage the associated risks. Here''s a closer look at some key insurance considerations: …
Munich Re is a world leader in the development of new insurance solutions for climate-friendly technologies. In addition to its new battery performance insurance, Munich Re …
As a result, energy storage systems, such as battery energy storage systems (BESS), are rapidly emerging as essential components to help both store excess energy and discharge energy …
May 13, 2022: Batteries insurance and warranties company Altelium has teamed up with Tokio Marine Kiln (TMK), an international insurance underwriting business, to launch what the …
The new coverage allows battery manufacturers to insure their customer warranties. For example, if the repair or replacement costs of defective or weak battery …
For instance, a battery manufacturer might need commercial general and product liability insurance, whereas an energy storage project developer may need extended warranty or performance insurance. The applicant''s business and …
For example, if your battery company provides a throughput warranty of 30 MWh, the warranty is valid until the battery stores and delivers 30 MWh–or 30,000 kilowatt-hours (kWh)–of energy. …
In conclusion, while car insurance does offer valuable protection, it usually does not cover battery replacement. Car owners must stay proactive about vehicle …
While almost every major insurance provider features a "renewables insurance" or "battery insurance" section on their website, the details are sorely lacking. The truth is that …
Large-scale energy storage projects are now a vital component of the US energy market''s future. With the National Grid having a requirement to obtain ''backup'' storage in order to increase stable energy supply and subsequently meet their …
The company backed the flow battery developed by ESS with a decade-long performance guarantee, a first in energy storage technologies.
The first customer for the new insurance product is the US battery manufacturer ESS Inc. (), whose redox flow batteries will now be sold …
May 13, 2022: Batteries insurance and warranties company Altelium has teamed up with Tokio Marine Kiln (TMK), an international insurance underwriting business, to launch what the partners say is a world-first warranty programme …
A new report from the International Energy Agency (IEA) highlights the urgent need for a six-fold increase in global energy storage capacity, with battery storage accounting …
In summary, normal wear-and-tear impacts battery warranty coverage by excluding capacity loss from warranty claims. Only defects are generally covered under …
While almost every major insurance provider features a "renewables insurance" or "battery insurance" section on their website, the details are sorely lacking. The truth is that insurers have moved too slowly and have …
Battery Energy Storage Systems (BESS), most often with lithium-ion (Li-ion) batteries, doubled in capacity from 2017 to 2018, exceeding 3 gigawatts (GW). In 2020, the government announced …
Battery performance now insurable – Innovative Munich Re coverage paves the way for renewable energy
Munich Re is a world leader in the development of new insurance solutions for climate-friendly technologies. In addition to its new battery performance insurance, Munich Re …