Lloyd’s (re)insurer MS Amlin Underwriting Limited (MS AUL) has partnered with insurtech Altelium to roll out a battery energy storage system (BESS) construction all risk and operational all risk insurance offering.
“We’re delighted to have MS Amlin Underwriting Limited 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 Altelium co-founder Ed Grimston, whose firm leverages AI-powered (artificial intelligence) data analytics in providing insurance for batteries.
In its announcement, MS AUL cited the challenge faced by battery storage companies in securing insurance, and said it aims to fill the gap via the Altelium tie-up.
Commenting on the alliance, MS AUL natural resources head Julian Samuel stated: “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.”
