Legal & Contingency Ltd. (L&C), the London-based MGA that specializes in underwriting legal indemnities and title risks, announced the launch of an insurance policy which will cover the installation of electric vehicle charging points in England and Wales.
The “Electric Vehicles Charging Site Title Risks Policy” is a purpose-built insurance product that aligns with the UK’s commitment to establishing 300,000 public charging points by 2030.
“This represents a step forward in title insurance within the renewable energy sector,” said Stuart Sigston, director of Products & Innovation. “We are proud to play our part in the UK’s push to deliver on a fully functioning charging network and to provide investors and operators with the confidence to commit to and deliver charging infrastructure at speed” added Stuart.
Coverage includes specific title risks identified from due diligence but can also be widened to cover all defects and encumbrances on a site-specific basis.
“As the UK moves towards net zero, L&C is committed to providing innovative insurance solutions that empower our insureds and their advisers to navigate and thrive in the evolving renewable energy landscape,” added Stuart.
Key features of the EV policy include:
- Title Defect and Encumbrance Coverage: L&C’s EV policy provides coverage against both identified title defects and encumbrances but can also be tailored to respond to unknown title risks based on the level of due diligence being undertaken. This proactive approach ensures a secure foundation for investors and stakeholders involved in the development of EV charging infrastructure.
- Standard Policy Losses: Offering a wide range of coverage as standard, L&C’s EV policy responds to losses which arise from title risks insured. Standard policy losses include defense costs, damages and compensation, rent liabilities and outgoings, repayment of grants, loss of capital investment, relocation of equipment and statutory undertaker’s losses.
- Business Interruption Provision: Recognizing the importance of uninterrupted operations, the EV policy can be extended to include business interruption for loss of profit or rent that would otherwise have been receivable but for an insured risk. BI cover is provided on an advanced basis, i.e., based on the date that income would have become receivable.
- Integration with L&C’s other Renewable Energy Products: The EV policy seamlessly integrates into L&C’s renewables policy suite, which includes offerings for UK solar and wind farm projects. This holistic approach enables L&C to cater for a diverse range of renewable energy projects under a unified underwriting framework.
About Legal and Contingency
Launched in 1992, Legal & Contingency provides legal indemnity insurance coverage for both residential and commercial properties. The company currently covers UK property valued at over £1 trillion.
Source: Legal & Contingency
Topics New Markets Training Development
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