As the market for green construction and renovation evolves, so do insurance products pegged to a range of building and site components, from environmentally friendly materials and water management systems to energy efficient design and renewable-energy sources.
Fireman’s Fund was among the earliest to venture into the green insurance realm, introducing in 2006 commercial-building coverage designed to enable owners of green buildings to renovate or rebuild to certifiable green standards in the event of a loss. In 2008, that coverage strategy was applied to properties used for manufacturing, commercial vehicles, and homeowners.
And at the end of June, Fireman’s announced expanded coverage to property owners “who have received a tax incentive, a financial grant, loan, or a similar benefit that helped them pay for energy efficiency improvements to their property. If the policyholder suffers a loss or damage affecting those improvements and the institution that provided the incentive demands a refund, the coverage would take care of that repayment.”
Fireman’s says the new products also offer:
. Broadened eligibility for post-loss green upgrades that now include “all real and personal property that more efficiently uses energy or water, improves human health or reduces the impact on the environment.” In the case of a loss, the upgraded coverage includes green power generating equipment, alternative water systems, and vegetated roofs.
. Consolidation of coverage that had been available in four forms – three commercial and one manufacturing – into a single endorsement.
. Repair or building of certified buildings covered by green insurance to the next highest certification level in the event of a loss.
. Extension of coverage that was originally provided for vegetated roofs on certified green buildings to vegetated swales and walls and other vegetation that reduces heat island effect. Coverage for vegetated features also can be applied to traditional buildings.
. Coverage expansion to porous paving that allows water to drain into the ground and supports management of water flow.
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