August 11, 2008

Aon Latest Insurer To Launch Green Building Program

Aon launched the Aon Green Building Property Program this week. As an enhancement to the company’s Global Property Policy, the new program will cover both environmentally certified and non-certified properties, reimbursing property owners for full repair, replacement or upgrades of certified green building parts.

Under this policy, the company will ensure that the materials and development of each property meets local mandates for green buildings, such as the LEED certification in the U.S. and the Energy Performance of Buildings Directives in the E.U.

The policy will include:

-Covering additional costs required to repair or replace property to satisfy local mandates for green buildings.
-Repairing or replacing electrical or electronic equipment or devices to meet EnergyStar qualifications.
-Covering the costs to hire LEED-certified architects or design professionals to participate in the design, construction, or reconstruction.
-Covering charges and fees related to sponsoring a green building certification program
-Covering costs to recycle debris from an insured loss instead of sending it to a landfill.

In May, five months after announcing it would offer green homeowners insurance, Fireman’s Fund Insurance Co. announced a green coverage for manufacturers who already have, or are interested in adopting, environmentally sustainable practices.

In March, Travelers Commercial Property Division launched an endorsement, Green Building Coverage Enhancements, to its standard Deluxe Property Coverage for mid-sized businesses. A number of other insurers have come out with other green insurance coverage programs.

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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