Markets/Coverages: Marsh Renewable Energy; Main Street Farm; Munich Re Surety; Skyward Crane & Rigging; Draftrs Professional Liability

May 12, 2022

Marsh Launches Renewable Energy Facility

Insurance broker Marsh announced the launch of a renewable energy facility that provides streamlined, dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the U.S. and Canada.

According to the broker, renewable energy companies have been challenged to find enough capacity for smaller standalone solar and BESS projects in a quick enough timeframe to satisfy developers, consultants, and financiers operating in the rapidly growing and competitive distributed energy resource market.

The facility, which was developed by Marsh Specialty’s Renewable Energy Practice, fills this void by providing expedited policy issuance and uniform terms and conditions through forms tailored for risks of mid-scale solar and BESS projects – those with capacity under 50 megawatts.

The facility is backed by a panel of A-rated carriers and offers pre-agreed coverage terms for construction all risk, operational all risk, general liability, and excess liability insurance, either as a package or individual coverages. Renewable energy clients can purchase replacement cost and business interruption coverage for any qualifying project and up to $25 million in liability through the facility.

Main Street America Rolls Out Farm and Ranch Coverage

Main Street America Insurance is launching a product that provides a full suite of coverages for farms and ranches. The product is being rolled out in phases throughout the year and into 2023, company officials announced.

Main Street America’s Farm and Ranch insurance coverages include rural homeowners, hobby farms, small to mid-sized farms, large farms, and more complex farming operations. The product provides coverage for most exposure types, including row crops (corn, wheat, and soybeans), cattle (including dairy operations), equine, hay, produce (fruits and vegetables), and more.

The product offers comprehensive coverages for dwellings, farm structures and personal/ commercial liability exposures. A full suite of optional property and liability coverages allows farmers and ranchers to customize coverages.

Munich Re Specialty Insurance Introduces Two Surety Solutions

Munich Re Specialty Insurance (MRSI) is now offering contract and commercial surety bonds. This marks Munich Re’s initial foray into these primary surety markets, as the company has been a longtime provider of U.S. Customs bonds and surety reinsurance.

Available in all 50 U.S. states and Puerto Rico – and sold through MRSI’s retail broker partners – the bonds are backed by Munich Re’s financial strength, underscored by a U.S. Treasury Listing of USD 429 million. Single bonds will be issued up to USD 100 million and aggregate programs up to USD 250 million. Larger issuances may be available on a case-by-case basis.

The bonds are available for all contract markets – from small and emerging contractors to larger accounts, including bid bonds, performance bonds, payment bondssnd aaintenance bonds.

Specific surety bonds offered by MRSI to both small businesses/individuals and large commercial accounts include license & permit bonds, court/fiduciary bonds, public Official bonds, miscellaneous bonds and subdivision bonds.

Skyward Specialty Adds Crane & Rigging Captive Program

Skyward Specialty Insurance Group, Inc. has expanded its construction portfolio by adding a crane and rigging captive program, in partnership with eMaxx Assurance Group of Companies, a tech-enabled specialty provider of property/casualty captives.

The new captive program will target coverages including commercial auto, general liability and workers’ compensation. In addition, Skyward Specialty offers excess coverage outside of the captive program.

Draftrs Launches Digital Professional Liability Insurance Platform

Insurtech Draftrs announced a digital insurance platform that enables instant underwriting and policy management for small firm professionals and agents.

In conjunction with the platform launch, Draftrs is launching with a professional liability insurance product for architects and engineers that was developed in collaboration with Markel Insurtech Underwriters and plans to introduce additional professional liability product lines in the future.

The Draftrs platform digitizes the underwriting and distribution process for the company’s insurance carrier and broker partners for the small commercial market. For brokers, Draftrs provides a custom-branded user interface that delivers the online experience customers in the small commercial segment require. Brokers can also use the platform to get quotes, send payment requests, issue policy documents and track client activity.

Topics Agribusiness Energy

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