Eurosolutions d.o.o. Belgrade, a new Associate Member of the Association RES Serbia, as one of the leading brokerage houses in Serbia, annually services a premium portfolio of around 15 million EUR and is increasingly focusing on the renewable energy sector.
In an Interview with a Member, Rajko Pendić, Director of Eurosolutions, emphasizes that their approach to insurance is not reduced to the purchase of a policy, but to strategic risk management: from business analysis and negotiations with insurers, to support in resolving claims. They place special emphasis on timely involvement in projects, especially when it comes to complex battery systems for electricity storage, high-quality structured insurance can be crucial for the security and sustainability of the investment.
Eurosolutions is among the top 10 brokers in Serbia. What key services do you offer and what is the value of your annual premium?
– Eurosolutions is an independent brokerage company that works primarily with the economy and more complex risks. We do not just look at insurance as a purchase policy, but as part of business management. To properly insure a factory, construction site, energy investment or logistics chain, you must first understand how that business works, where the biggest problem may arise and what consequences the damage would have on the client’s business.
That is why our work always begins with an analysis of risks and existing policies. After that, we propose the optimal insurance structure, communicating with the domestic and international market, negotiate with insurers and reinsurers, and make sure that the client does not only get the lowest price, but coverage that will really work when needed. A large part of our work is also support in resolving claims, because this is the best way to see how well the insurance program is set up.
We are particularly active in the areas of property insurance, business interruption, construction and assembly risks, liability, financial lines, transport and, increasingly, insurance of projects in the field of renewable energy sources, which has been one of the most important developments for us in recent years.
We are currently servicing an annual premium portfolio of around 15 million EUR. This is an important indicator of client trust for us, but also of responsibility, because behind that amount there are serious companies, large projects and risks that must be carefully structured.
Do you focus more on small or large clients? Who can contact you – natural and legal persons?
– Our primary focus is on legal entities, primarily medium and large companies, as well as projects that require special risk structuring. These are most often companies from construction, manufacturing, trade, energy, logistics and other sectors in which insurance is not just an administrative obligation, but an important part of business and financial stability.
Of course, through our digital channels and the PolicyMarket platform, we are also working to make certain products available to individuals and smaller businesses. However, what Eurosolutions is particularly recognized for is working with more complex risks, where the client expects more from the broker than just the offer, but expects an advisor who understands his business, contractual obligations, financing, potential damages and real business risks.
Among your clients are members of the Association of Renewable Energy Sources of Serbia. How much of the business of companies in the renewable energy sector do you insure through brokerage services?
– The renewable energy sector is one of the most important and fastest growing areas for us. I would not look at it only as a percentage in the total premium, because it is a project business, which in practice means that in one year the development or construction phase can dominate, and in the other the phase of exploitation and long-term property insurance.
What is more important is that in recent years we have specialized very seriously in the risks in energy and renewable energy sources. We work with clients who develop, build or manage solar and other energy projects in Serbia and the region. Our job is not just to obtain a policy, but to help the client understand what risks exist at each stage of the project, from development and financing, through construction, connection and testing, to the commercial operation of the power plant.
In this sense, the RES sector is not a secondary area for us, but a strategic direction of development.
How important is it for a broker to get involved in renewable energy projects in a timely manner?
– It is very important that the broker gets involved as early as possible, ideally already at the stage of project development, negotiations with contractors, banks and investors. In the case of renewable energy projects, insurance is not something that needs to be dealt with at the end, when the construction site is already open or when the bank requests a policy as a condition for financing. On the contrary, quality insurance must be part of the overall structure of the project from the very beginning.
If the broker is involved on time, it is possible to properly define the obligations from the EPC contract, harmonize the requirements of the bank and the investor, prepare adequate coverages for CAR/EAR insurance, liability, transport of equipment, delay in the beginning of work, i.e. DSU/ALOP coverage, as well as subsequent operational insurance of property, interruption of work and liability.
It is especially important to involve a broker in a timely manner if the project also includes a BESS system, i.e. an electricity storage system. From the point of view of insurance, BESS systems represent a specific and complex risk, which is why it is very important to consider the requirements of insurers and reinsurers at the design stage. This refers to the choice of technology, method design, fire and prevention systems, physical separation of equipment, monitoring, detection and extinguishing systems, maintenance procedures, as well as the overall organization of risk management.
If these elements are not anticipated in time, there may be problems later in obtaining adequate insurance, higher premiums, larger deductibles, coverage limits, or a market with significantly limited capacity to take on such risk. That is why a broker at this stage can have significant added value, not only through the placement of insurance, but also through directing investors towards technical and preventive solutions that make the project more secure, safer and sustainable in the long term.
The timely involvement of brokers reduces the possibility of gaps in coverage, prevents overlapping responsibilities between investors, contractors and subcontractors, and allows insurance to fit into the overall financial, technical and legal structure of the project.
Do you think that insurance is an added value to the project and business, not just an expense?
– Absolutely. Insurance is often seen as an expense, but in serious projects it is primarily an instrument of capital protection, business continuity and financial sustainability.
For energy projects, especially those financed by loans or involving larger investors, a well-structured insurance program increases the security of the project. It protects the investor, bank, contractors and other participants from events that may have serious financial consequences: fire, weather, construction errors, equipment damage, work interruption or liability to third parties. A good insurance program isn’t just about buying the cheapest policy. The value is that the coverage really matches the risks of the project, that the limits are set correctly, that the exclusions are understandable, and that in the event of damage, there is a real possibility of effective collection. In this sense, insurance is a part of project management, not just an administrative item.
