Constructing buildings to “Green” standards is gaining in popularity. However, not understanding the additional considerations that come along with it can increase your exposure in the event of a loss. HM has the know-how to get the proper coverage in place for your Green projects.
Benefits
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Available for Commercial Buildings
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Available for Home Construction
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Special coverage associated with construction of Green Buildings and Homes
Endorsement/Additional coverage includes:
Soft Costs –
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Additional Commissioning Expenses
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Flush Out Expense
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Recertification/Re-registration Expense
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Loss of Earnings – to reimburse for loss of credits associated with upgraded green systems/alternative power generating equipment
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Rental Value – broadens coverage to include loss of net rental income from signed leases as a result of the added delay in construction to meet green standards
Green Insurance FAQ’S
What is Green Insurance?
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Insurance customized to cover exposures associated with green/LEED certified buildings.
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Insurance designed to cover exposures associated with green environmental practices.
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Insurance available to upgrade your current building or business to green in the event of a loss on a non-LEED certified building or business.
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Insurance for Builder’s Risk on Green projects.
Why do I need Green Insurance?
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Traditional insurance policies do not cover or contemplate green exposures.
Can’t my current broker bring me a quote?
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LEED certified projects and buildings require special underwriting and expertise.
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If your broker has not offered this coverage to you thus far, why not?
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Does he/she have a green insurance practice group, specializing in insuring green exposures?
Does Green Insurance cost more than traditional policies?
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No – in fact there are discounts associated with going green.
What are some examples of green coverage?
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Coverage for vegetated roofs.
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Replace with one level above current LEED status, i.e. Gold to Platinum.
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LEED AP, recertification fees and commissioning expense. Additional soft costs.
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Debris Removal Recycled.
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Upgrade non-green to green – i.e. restaurants with green coverage can upgrade to energy star appliances.
What Risk Management services are associated with green coverage?
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Loss Control, Claims Management, LEED AP, Recertification Fees
Which insurers are offering green coverage?
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Fireman’s Fund
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Travelers
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Liberty Mutual
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Ace
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Chubb
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Zurich
Can I add an endorsement to my current policy?
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Only when the underlying coverage is with a green insurer.
What is the risk if I do not purchase green coverage?
- Physical loss
- Financial loss