Specialist energy and infrastructure broker and managing general agent Nardac has added construction all risk cover to the operational cover it already offers for batter energy storage systems. It is also extending its geographical reach, and in addition to catering for UK and US risks will now accept those in Europe and Australia.

Robert Bates, partner at Nardac, said: “Europe is in the midst of a BESS boom. We have exciting new markets, such as Poland, coming online, and more mature markets like Italy and Germany continuing to see consistent fast paced growth. What that means however is huge demand for BESS equipment and contractors.

“By offering construction insurance to BESS developers, we can play a direct role in ensuring the procurement of high-quality componentry and contractors with strong track records, advise upon and underwrite key construction risks, and ultimately reduce the potential for equipment failure during hot testing and subsequent project downtime and revenue loss.”

Nardac offers US$50m in lead market underwriting capacity to battery developers and operators. It will cover smaller projects – up to US$20m – in full. Its capacity comes from eight A-rated Lloyd’s syndicates.

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