London, 17 February – Lockton, the world’s largest independent insurance broker, today announces the launch of BESS Lock, a new specialised insurance facility designed to streamline coverage for battery energy storage system (BESS) projects.
As energy storage becomes an increasingly critical component of the renewable energy transition, securing comprehensive and cost-effective insurance for BESS projects has historically been a complex, time-consuming, and costly process.
The BESS Lock facility provides more competitive pricing through its full-follow facility, up to £250m in capacity, supporting one of a panel of industry-recognised leading BESS market insurers. This solution results in a more efficient approach for clients, who can take advantage of Lockton’s extensive energy storage expertise and insurer network to finalise chosen placements with a pricing credit within 48 hours.
This streamlined process enhances the financial viability of BESS projects, helping clients allocate resources more effectively towards project execution.
BESS Lock represents the latest solution presented to clients of the Lockton Global Energy & Power (LGE) practice, serving to keep up with today’s rapidly evolving renewable energy landscape. Since 2014, LGE has provided tailored energy storage risk solutions for projects in Europe, USA, and Australia.
Michael Bogdan, Partner at Lockton Global Energy & Power, said: “Lockton’s role as a broker is to ensure that we are enabling our clients to navigate the ever changing risk landscape in the energy storage sector. With BESS playing a fundamental role in balancing grid stability and integrating renewables, it is imperative that insurance solutions keep pace with technology advancements and investor demands. By simplifying our clients’ ability to secure cost-effective cover, BESS Lock will help accelerate the deployment of energy storage solutions globally.”
The launch of BESS Lock comes ahead of Lockton’s participation at Energy Storage Summit 2025 (opens a new window) on 18th February, where the firm will meet with energy storage leaders to discuss risk management strategies for battery storage and how insurance can serve as a critical enabler of investment in the sector.