The need to accelerate the shift to low-carbon energy sources will require significant investments if the planet is to reach net-zero by 2050. However, there will be considerable challenges to come. In this article, we analyse the primary risks for the renewable energy industry sector as well as potential insurance industry liabilities moving forward.
Insurers should remain alive to the growing risk of product liability claims and litigation arising from greater consumer awareness of the safety of lithium-ion batteries in conjunction with well-publicised product recalls. Safe lithium-ion battery production is a priority for the UK Government.
In the UK, manufacturers and suppliers will be strictly liable under the Consumer Protection Act 1987 for defective lithium-ion batteries that have caused injury or death to a consumer or damage to private property. Producers may also be strictly liable for defective lithium-ion batteries they have sourced and incorporated into their products.
Increasing complexity of supply chains and use of new technology will have a strong impact on product liability insurance in the commercial insurance segment. Around the globe, the take-up of electric cars is expected to accelerate rapidly in future, driven by consumer demand and government policies aimed at tackling climate change.
Insurers should remain alive to the increasing risk of product liability claims and litigation arising from lithium-ion batteries. Lithium-ion batteries are a common source of energy across a wide range of consumer products, with users benefiting from their portability, long lifespan and fast charging times.
Businesses that may have suffered loss or damage as a result of an allegedly defective battery supplied by a third-party contractor may have a right of action under the Sale of Goods Act 1979 and/or the Supply of Goods and Services Act 1982.
It is not only businesses and regulators that are taking action. From 1 June, several UK train companies banned lithium-ion battery-powered personal vehicles from stations and trains to mitigate fire risks.
The need to accelerate the shift to low-carbon energy sources will require significant investments if the planet is to reach net-zero by 2050. However, there will be considerable challenges to come. In this article, we analyse the primary risks for the renewable energy industry sector as well as potential insurance industry liabilities moving forward.
New energy vehicles (NEVs) face higher insurance rates and claim frequencies compared to traditional fuel vehicles. Insurance companies often operate at a loss in this segment due to high risk and payout rates associated with NEVs. Regulatory adjustments aim to address these issues by optimizing insurance mechanisms for NEVs. A draft notice ...
To limit the likelihood and consequences of a lithium-ion battery fire, a comprehensive safety strategy must be adopted that includes: Risk prevention, physical separation, early detection, active extinction and intervention actions.
detection technology from Xtralis can reduce insurance risk and liability with Li-ion BESSs while eliminating costly false positives and adding a layer of remote system monitoring. This new approach to fire safety can help protect insurance companies against probable maximum loss (PML) with greater confidence.
Image: Invinity Energy Systems. New vanadium redox flow battery (VRFB) technology from Invinity Energy Systems makes it possible for renewables to replace conventional generation on the grid 24/7, the company has claimed. Anglo-American flow battery company Invinity launched its new product, Endurium, today. It follows around three years of R&D ...
Andrew Sinclair, Account Director – Renewable Energy, PIB Insurance Brokers, discusses insurers'' concerns surrounding Battery Insurance projects. There are many ideal risk management features insurers would like to see for any risk …
It is reported that the "New Energy vehicle Model clause (trial)" is divided into main insurance and additional risk. The main insurance includes three independent types of insurance: new energy vehicle loss insurance, new energy vehicle third party liability insurance …
Fire and explosion risks associated with high voltage batteries could give rise to claims for commercial property insurers, in particular if multiple cars are charged in underground car parks.
New energy vehicles (NEVs) face higher insurance rates and claim frequencies compared to traditional fuel vehicles. Insurance companies often operate at a loss in this segment due to high risk and payout rates …
Underwriting/insurance for renewables unfortunately don''t often make headlines, but what makes NARDAC''s initiative interesting is their move into the battery segment despite its significant risk profile. In fact, NARDAC cites this risk as a key driver for its new service. The company states that, as battery projects continue to proliferate ...
To enhance the utilization of renewable energy and the economic efficiency of energy system''s planning and operation, this study proposes a hybrid optimization configuration method for battery/pumped hydro …
With the benefits of the Inflation Reduction Act now starting to be realized, renewable energy projects are predicted to expand rapidly, driving a growing need for …
Lithium-ion battery cells typically degrade – lose their energy storage capacity – by 10-20% in the first five years of operation which is then offset by adding new units to maintain capacity, otherwise known as augmentation. If true, the breakthrough has huge ramifications for energy storage applications and the technology''s cost-effectiveness. CATL applying zero …
CATL revealed in the presentation that the Tener product is equipped with the ''L long-line battery'' specialised for energy storage, which has an energy density of 430Wh/L. This battery is pictured below. The battery set …
Fire and explosion risks associated with high voltage batteries could give rise to claims for commercial property insurers, in particular if multiple cars are charged in …
With the benefits of the Inflation Reduction Act now starting to be realized, renewable energy projects are predicted to expand rapidly, driving a growing need for insurance as well as an expected influx of claims. Rapid growth in renewable energy is not limited to large-scale commercial projects.
A few days ago, the China Insurance Industry Association issued the "China Insurance Industry Association New Energy Vehicle Commercial Insurance Exclusive Clauses …
Andrew Sinclair, Head of Renewable Energy Practice, regularly presents at conferences and seminars and takes part in expert panel discussions on BESS risk management and insurance and is considered an experienced leading expert on BESS insurance.. Andrew recently joint hosted a webinar with experts from Gore Street Capital, HDI Global and ACCURE on the …
To limit the likelihood and consequences of a lithium-ion battery fire, a comprehensive safety strategy must be adopted that includes: Risk prevention, physical separation, early detection, active extinction and intervention actions.
Lower Insurance Risk For Battery Energy Storage With Li-ion Tamer® Lower Insurance Risk For Battery Energy Storage With Li-ion Tamer® Home / Solutions / Insurance. Building a safe future and reducing risk and liability. Lithium-ion (Li-ion) Battery Energy Storage Systems (BESSs) are critical to achieving the climate goals set at COP26. To reach net zero by 2050, global battery …
Indeed, battery packs are crucial for new energy vehicles, as much as gearboxes for traditional fuel vehicles. At the same time, because most of our consumers'' impressions and experience of batteries are derived from mobile phone batteries, and the attenuation of mobile phone batteries has been experienced by people, so some quasi-new …
The exact nature of BESS insurance claims continues to evolve, but some common themes emerge like fire damage, component failure, natural disasters, cybersecurity incidents, or environmental damage. Fire Damage: Thermal runaway is a significant concern with lithium-ion batteries.
It is reported that the "New Energy vehicle Model clause (trial)" is divided into main insurance and additional risk. The main insurance includes three independent types of insurance: new energy vehicle loss insurance, new energy vehicle third party liability insurance and new energy vehicle personnel liability insurance. Policyholders can ...
detection technology from Xtralis can reduce insurance risk and liability with Li-ion BESSs while eliminating costly false positives and adding a layer of remote system monitoring. This new …
Insurers should remain alive to the growing risk of product liability claims and litigation arising from greater consumer awareness of the safety of lithium-ion batteries in conjunction with well-publicised product recalls. This risk is well established in the US and Canada, with manufacturers, suppliers and retailers continuing to ...
Insurers should remain alive to the growing risk of product liability claims and litigation arising from greater consumer awareness of the safety of lithium-ion batteries in conjunction with well-publicised product …
A few days ago, the China Insurance Industry Association issued the "China Insurance Industry Association New Energy Vehicle Commercial Insurance Exclusive Clauses (Trial)" notice. The exclusive clause is mainly aimed at new energy vehicles, suitable for...
Andrew Sinclair, Account Director – Renewable Energy, PIB Insurance Brokers, discusses insurers'' concerns surrounding Battery Insurance projects. There are many ideal risk management features insurers would like to see for any risk they are insuring. There would also be an order of importance/desirability, but, as with most situations in ...
The exact nature of BESS insurance claims continues to evolve, but some common themes emerge like fire damage, component failure, natural disasters, cybersecurity incidents, or environmental damage. Fire Damage: …
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