MS Amlin Underwriting Ltd. (MS AUL), the Lloyd’s re/insurer, announced a partnership with insurtech Altelium to offer a construction all-risk and operational all-risk insurance solution for battery energy storage systems (BESS), as part of its commitment to supporting sustainability.
Altelium is a specialist insurtech business that provides insurance for batteries, underpinned by real-time AI-powered data analytics.
The new arrangement is designed to help solve BESS customers’ insurance needs and accelerate the growth of renewable energy and battery storage systems.
As the battery energy storage market continues to grow rapidly, the planning and development time between concept, construction and operation is reducing, MS Amlin said. As a result, companies involved in battery storage are challenged to secure insurance which can be both customized to their needs and completed on time.
Having identified this potential barrier to both industry growth and the global transition to a clean energy system, MS AUL partnered with Altelium to fill the gap. The partnership will offer insurance capacity to support clients that build and operate energy storage facilities of all sizes.
“We’ve partnered with Altelium, a specialist in this sector, because of their deep technical knowledge and expertise within the battery market. I’m delighted that through this partnership, we are playing a part in the effort to combat climate change,” commented Julian Samuel, head of Natural Resources, MS AUL.
“We’re delighted to have MS Amlin Underwriting Ltd. partner with us to provide BESS operational all risk and construction all risk solutions, part of our wider portfolio of products and services across the battery value chain, which includes warranties on BESS and electric vehicles,” said Ed Grimston, co-founder of London-based Altelium.
About MS Amlin
Part of the global top-10 insurance group MS&AD, MS Amlin Underwriting Ltd. operates in the Lloyd’s, UK, Middle East and Asia markets.
Altelium provides battery insurance, warranties and fire risk consultancy for energy storage and electric vehicles. Its customized insurance solutions for financiers, asset owners and original equipment manufacturers (OEMs) across the globe include operational all risk (OAR), construction all risk (CAR) and extended warranties. The company uses applied battery telematics and battery chemistry knowledge, enhanced with artificial intelligence.
Customers are provided with an integrated management system though a cloud-enabled platform, including automated pricing, issuance and underwriting of insurance products, plus the information needed to maximize the operational health, safety and longevity of battery assets.
Developed by a team of battery and fire safety experts including Professor Harry Hoster, Professor Paul Christensen, Chief Fire Officer Tony McGuirk and Power Risk Engineer Paul Markham, Altelium is an end-to-end battery insurance and risk management solution.
Source: MS Amlin
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