Commercial property insurer FM Global has launched a renewable energy unit to help clients transition to alternative energy through research and innovation.
FM Global unveiled the new initiative as part of its presence at the RISKWORLD conference which took place in San Diego, California, from 5 to 8 May.
Jim O'Brien, division manager, and Doug Patterson, head of renewable energy, will lead the new unit, which will first serve the US and Canada before going global later this year.
According to the company, clients and brokers have increasingly asked for FM Global's support in accelerating new energy projects in response to the worldwide adoption of emissions reduction targets.
The new division aims to focus on research, standards development, and loss-prevention engineering around ground-mounted solar, onshore wind power, and battery energy storage systems.
Patterson comments: "The renewable energy landscape is complex and rapidly developing, and losses can be costly.
"We are investing in solutions, services and industry expertise to help our clients succeed in the changing landscape. We want to help our clients future-proof their energy needs and support the overall industry as it evolves and grows."
In July, FM Global will offer a new policy for renewable energy operations in the US. Starting next year, the firm will also offer a renewable energy construction policy to support clients from the design and build stage, through the operation of renewable energy assets.
