A new insurance policy covering the installation of electric vehicles (EV) charging sites across England and Wales has been launched.
Legal & Contingency Limited (L&C), a managing general agent (MGA) specialising in legal indemnities and title risks, announced the introduction. The policy is designed specifically to complement the UK government’s ambition to install 300,000 public EV charging points by the year 2030.
Named “Electric Vehicles Charging Site Title Risks Policy”, the initiative from L&C is part of a broader effort to enhance the country’s EV infrastructure and support its transition to sustainable transportation.
The policy offers comprehensive coverage for specific title risks that have been identified through due diligence processes. Additionally, it can be expanded to encompass all defects and encumbrances on a site-specific basis.
L&C’s policy also covers a broad spectrum of losses stemming from insured title risks, including legal defence costs, damages, compensation, rent liabilities, grant repayment demands, loss of capital investment, relocation costs for equipment, and losses related to statutory undertakers.
To ensure the continuity of operations, the policy can include business interruption coverage, compensating for lost profits or rents due to insured risks. This coverage is advanced based on the projected date income would have been received.
While projects like these are designed to complement growing net-zero ambitions, there are still plenty of challenges for UK drivers looking to switch to electric. A study from Howden revealed that British drivers must fork out twice as much to insure EVs as they do for combustion-engine models.
Despite these costs, Stuart Sigston, director of products & innovation at L&C, highlighted the policy’s significance in the renewable energy sector.
“This represents a step forward in title insurance within the renewable energy sector,” Sigston said. “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.”
Sigston also reiterated L&C’s commitment to supporting the UK’s green transition. The EV policy is part of the company’s renewable energy insurance portfolio, which also covers UK solar and wind farm projects.
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