Battery Developers Advised to Seek Insurance Early
Investors in battery energy storage systems (BESS) should engage with insurance companies or brokers as early as the project development stage, according to Dimitar Dimitrov, business development manager at Renewable Energy Insurance Broker (REIB). Speaking at the Belgrade Energy Forum 2025, Dimitrov highlighted the importance of early insurance engagement for BESS projects.
REIB, which has insured over 4 gigawatts of battery systems globally, offers specialized insurance products for BESS. These include coverage for business interruptions, cyberattacks, and technical damage. Dimitrov emphasized that insurance against business interruptions is particularly crucial as outages can damage grid connections. He also recommended cargo insurance and stressed the significance of fire protection from an insurer’s perspective.
As both an insurance broker and investor in renewable energy and BESS, REIB has developed a deep understanding of clients’ needs. “Understanding clients’ needs helps us prevent risks that could occur during certain stages,” Dimitrov explained. With 14 years of experience in the renewable energy sector, REIB has developed tailored insurance solutions for BESS projects.
In Bulgaria, REIB dominates the PV market with over 60% coverage and more than 80% of the installed BESS capacity. The company also has a significant presence in Romania’s PV sector with over 30% coverage. Dimitrov noted that as an investor, REIB is familiar with the requirements that developers, power producers, and contractors must meet, enabling them to provide valuable recommendations.
REIB’s extensive experience in the European Union market allows it to secure A-rated insurance policies, making projects more bankable and acceptable to banks. This expertise positions REIB as a key player in supporting the development of BESS projects through comprehensive insurance solutions.
