Munich Re insuring battery performance; stationary first, EVs in second phase
Green Car Congress
MARCH 11, 2019
Munich Re is the world’s first insurer to offer a product that covers battery performance. The product allows manufacturers in the booming battery market to offer long-term performance guarantees—whose value is backed by the insurance coverage. The new coverage allows battery manufacturers to insure their customer warranties. For example, if the repair or replacement costs of defective or weak battery modules exceed a predetermined amount, the insurance then covers the rest.
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