Insurance Takes Effect in the Event of a Drop in the Performance of Batteries

In the future battery manufacturers can insure themselves against the risk that their produced battery storage devices will not provide the specified performance. With this policy, the German insurance company Münchner Rück is expanding its portfolio with a further insurance for climate-friendly technologies, and is the first insurer worldwide to offer this service.

The insurance covers up to 10 years after product manufacture and enables battery manufacturers to meet their warranty obligations on the consumer side. In the event of high repair costs, the insurance also takes effect and covers the incurred costs.

The insurance cover is initially designed for large-scale projects and guarantees their network stability. In the future, however, the protection will also be introduced for the mobility market, for example to guarantee the performance of batteries in electric vehicles. The US battery manufacturer ESS Inc. is one of the first customers to take out the new insurance cover and offers its redox-flow batteries exclusively with the performance guarantee of Münchner Rück.

Source: EES Inc. |
Image Source: Pixabay |

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