Fireman’s Fund Introduces Green Building Coverage

October 16, 2006

Fireman’s Fund Insurance Company has introduced Certified Green Building Replacement and Green Upgrade coverages, a new coverage specifically for green commercial buildings that addresses the unique risks that are acquired with sustainable building practices.

This offering of coverages protects buildings that are green-certified as well as buildings and facilities whose owners would like to capture green benefits. The coverage for LEED certified buildings offers a discount due to lower risk factors. Conventional insurance policies only cover the cost to restore a building to its original condition. Under Fireman’s Fund Green Building Replacement, Green Upgrade, and Commissioning coverages commercial property owners and managers are able to rebuild and replace with green alternatives such as:

* Non-toxic, low-odor paints and carpeting
* Energy Star-rated electrical equipment
* Interior lighting systems that meet LEED or Green Globe requirements
* Water efficient interior plumbing
* Energy Star-qualified roof and insulation materials
* Commissioning – Engineering inspection of systems such as HVAC

“The real estate industry is generally aware of the benefits of ‘going green’ but building owners and managers should also be aware of the risks that are unique to sustainable design,” said Steve Bushnell, product director at Fireman’s Fund. “Green building owners have an evolving set of ‘green risks’ that are specific to the sustainable building industry. At Fireman’s Fund we support and financially cover property owners who are green or would like to go green.”

Fireman’s Fund has worked closely with the U.S. Green Building Council’s (USGBC) LEED program as well as the Green Building Initiative’s (GBI) Green Globes program to ensure that its coverage and upgrade options align with the industry’s major green certification processes. As part of the product, Fireman’s Fund will pay for the application process for the building to become certified by these organizations.

For buildings that are green certified by the USGBC or the GBI, Fireman’s Fund will cover sustainable building elements such as vegetated roofs and alternative energy and water systems. In case of a total loss, Fireman’s Fund will cover for the rebuilding to also be green certified.

For buildings that aren’t quite there yet, but are looking to go green, Fireman’s Fund provides an upgrade package as part of its green product. For example, if there is a fire in the building, Fireman’s Fund will pay for the upgrade to replace the carpet with green certified carpet and energy star office equipment. Here again, if there is a total loss, Fireman’s Fund will cover for the entire rebuild to be green certified.

Commissioning is offered for both types of buildings. Engineers are commissioned to inspect systems such as HVAC after they are installed to ensure that they are running properly and truly energy efficient.

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Source: Fireman’s Fund

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