Battery Energy Storage Systems (BESS)
Advance energy storage projects with tailored battery technology insurance
Specialist insurance for emerging technology risks during both construction and operation phases
BESS technology is becoming an integral part of the global energy mix. The Tokio Marine GX team has been involved in BESS technology, during both construction and operation, for over 10 years. Battery storage systems face unique risks, including thermal runaway events, fire propagation and technology integration challenges, during the operational lifecycle. The electrochemical nature of battery storage creates exposures that traditional energy insurance products cannot adequately address, requiring specialist coverage designed specifically for energy storage technologies and their operational characteristics.
Pioneer market leadership with additional consortium capacity to support sector growth
The team at Tokio Marine GX pioneered the first Lloyd’s backed consortium, which provides an additional US$125m of insurance and reinsurance capacity to the market to support the growth of the BESS sector. This innovative approach demonstrates our commitment to advancing energy storage insurance solutions and supporting the industry’s rapid expansion. Our role in developing specialist BESS Insurance coverage uniquely positions us to understand the evolving risk landscape and provide comprehensive protection for both standalone battery projects and integrated renewable energy developments incorporating storage components.
Substantial capacity and proven expertise across all battery storage applications
Tokio Marine GX’s coverage includes transit protection during equipment delivery, construction exposures during installation, and operational risks throughout battery lifecycles. We have underwritten 8GW of BESS projects to date. Coverage addresses: thermal runaway; fire protection systems; battery management technologies; and environmental exposures affecting energy storage developments. By providing comprehensive protection against the unique risks of battery storage systems, our BESS Insurance enables developers to secure financing and advance energy storage projects, with confidence in their long-term viability. Contact our Energy Storage Team to discuss insurance requirements for your battery storage projects.