March 17, 2008
Travelers Commercial Property Adds Green Coverage
Travelers Commercial Property Division has launched an endorsement, Green Building Coverage Enhancements, to its standard Deluxe Property Coverage for mid-sized businesses.
The endorsement promotes the use of environmentally friendly building materials as replacement components following a covered cause or type of loss. Travelers’ Deluxe Property forms are amended to provide the following additional coverages: increased green building alternatives cost, green buildings reengineering and recertification expense , vegetative roofs, and an increased period of restoration for green building alternatives.
Fireman’s Fund and Lexington Insurance, a member company of AIG, recently launched green insurance programs aimed at consumers.
An October, 2007 report from Ceres found that over 400 new insurance initiatives, including ‘green’ building credits, drought-protection in developing countries and incentives for investing in renewable energy and carbon emissions trading, are being offered by FIs to tackle climate change.
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