The insurance group Aviva have recently announced a new, standalone insurance policy to protect electric vehicle (EV) charging points in a UK first. The policy, which is available across the UK, is the first of its kind and offers increased protection to EV charge point installers, operators, local authorities, business owners, and any other organisation that owns or operates EV charging infrastructure.
So what does the policy entail, and why is now the time for this type of coverage?
New Insurance Policy Protects EV Charging Points Against Various Threats
According to their press release, Aviva now offers Erection All Risks (EAR) and Operational All Risks (OAR) cover for EV chargers on a standalone basis. This cover will be applicable for everything from a single charger to an entire network.
In terms of the risks covered, natural disasters such as fire and flooding are included. The policy also offers protection against malicious damage, accidental damage, and breakdown. The EAR cover is aimed at contractors such as Applegarth, who install the charging points. By contrast, the OAR cover is intended for businesses or local authorities who own and operate them.
Having one or both of these insurance coverages in place will ensure that EV charge point operators have peace of mind, knowing that their infrastructure is protected against a wide variety of risks.
So why is now the moment for Aviva (and potentially other leading insurers) to begin offering such cover?
Why Now Is the Time for EV Charging Point Insurance
As EVs become increasingly popular, there is a rising demand for charging infrastructure. And with this demand comes more risks. This is why Aviva’s new insurance product could prove to be so valuable for the industry – it will help to protect EV charge point operators, whomever they may be, against the costs of repairing or replacing damaged infrastructure.
Additionally, with the UK government aiming for 300,000 chargers installed by 2030, there is undoubtedly an urgent need for this type of insurance. Without it, local authorities and businesses might not be willing to invest in charging infrastructure due to the associated risks.
Ultimately, Aviva sees this policy as part of its continued investment in the growth and future success of electric vehicles in the UK. It will help to protect EV charge point operators against the threats and costs associated with the infrastructure, enabling them to focus on what really matters: providing a reliable, convenient charging service for EV drivers.
The move also delivers a positive step forward in protecting businesses, organisations, and contractors involved in the EV charging infrastructure sector. With the growing demand for more charge points across the UK, this policy provides an additional layer of protection to those looking to make the most of this growing industry.
Contact Applegarth Today to Discuss Your EV Charge Point Installation
As the North West’s leasing charge point installer, Applegarth is here to help you make the most of EV charging infrastructure. Whether you’re a local authority looking to invest in charge points or a business that wants to offer EV charging services, we can provide a bespoke solution and ensure your installation is in adherence with the latest regulations.
Better still, our team is always on hand to discuss funding options, including grants and government schemes, and we can advise regarding insurance products as and when they become available.
So if you’re looking for a reliable, experienced partner to help with your EV charge point installation project, get in touch with Applegarth today. We look forward to hearing from you soon.