ChargeSpotter | BuildingMetrix

High voltage, high risk

Electric vehicle (EV) adoption has been steadily increasing nationwide, with registrations growing from 280,000 vehicles in 2016 to 2.4 million by 2022.¹

Commercial and residential properties are increasingly installing charging stations to accommodate the surge as more and more electric vehicles take to the road. While stations offer convenience to drivers and encourage sustainability, they bring along a unique set of risks for both property owners and insurers.

With ChargeSpotter, you can effortlessly compare your business portfolio against a database of known EV charging station locations, generating a comprehensive list of properties within your book.

Charged with risk

Even well-maintained EV charging stations, installed according to regulations and safety guidelines, can still present risks.
Here are some key liabilities and concerns to consider:

Fire Hazards
Of particular concern in enclosed spaces; lithium-ion battery fires in apartment complexes and commercial garages pose significant risk.

Liability
Publicly accessible properties with charging stations may see an increase in visitors, upping associated liability risks for property owners.

Infrastructure Challenges
Exponential growth of EV adoption has outpaced charging infrastructure improvements and overall reliability, and safety standards are still evolving.

Additional risks may include:
(1) Vandalism and theft, (2) cybersecurity risk, and (3) weather-related damage.

Stay plugged in

ChargeSpotter data provides insurers with important and useful insights into their portfolio, enabling them to accurately identify the presence of charging stations and their associated hazards.

Rather than your team trying to find these manually, we've done the hard work to streamline the process by comparing your book of business against our continuously updated database of EV charging station locations. You can focus on assessing the risk, improving underwriting accuracy, and helping customers with the right coverage at the right price.

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