Insurance Policy Helps Businesses Stay Green
WARREN, NJ. - If your business was green before a loss, it will be green after a loss. That’s the message behind a new endorsement to the commercial property insurance policies from the Chubb Group of Insurance Companies.
“For years, Chubb has been a leader in insurance protection for green buildings through its commercial property insurance policies,” said Peter Thompson, vice president, Chubb & Son, and worldwide energy manager for Chubb Commercial Insurance. “However, some of our customers didn’t realize that as their businesses increasingly take steps to protect the environment, their Chubb commercial property insurance policy would automatically protect their ’green’ investments if there was a loss. Our new endorsement highlights this important product feature.”
Since 1994, Chubb’s commercial property insurance policies have insured green features on a replacement-cost basis. These features include vegetative roofs, solar panels, geothermal systems, wind turbines, groundwater collection systems and Energy StarTM equipment. The policies also provide:
Business income and extra expense insurance, which can help companies with green properties quickly restore their operations after a loss. For example, an insured business can be reimbursed for the extra expense it incurred to purchase power from a public utility until its alternative power-generating equipment is repaired or replaced. \
Reimbursement for the costs of hiring an accredited design and reconstruction professional, registration and certification fees, diverting recyclable debris after a loss to recycling facilities rather than landfills, and other green services.
A period of restoration that recognizes that it may take longer to rebuild a green building to its pre-loss condition than a typical office building and, therefore, take longer to restore business activity and revenues.
Thompson added that the technology behind developing green building standards is changing rapidly, and that government intervention worldwide is helping to accelerate the green building market. The market value of new green building construction this year is more than $12 billion and is expected to be $60 billion by 2010, according to McGraw-Hill Construction Greening of Corporate America SmartMarket Report.
For more than 20 years, Chubb has been insuring renewable energy producers and distributors, including wind turbines, ethanol and biodiesel plants, solar energy systems, hydroelectric power generators and other renewable energy operations. Chubb loss control and underwriting specialists have completed Leadership in Energy and Environmental Design (LEED) professional accreditation to help identify, develop and advance the loss control programs for green buildings and other property.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb’s global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.
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