Insurance Upgrade Helps Businesses Go "Green" After a Loss
WARREN, NJ, June 3, 2009 - Commercial property owners now have a cost-effective way to repair damaged property using "green" materials and environmentally-friendly
construction techniques.
Under a new endorsement to its Customarq package policy, the Chubb Group of Insurance Companies is offering commercial property
owners a "green upgrade"option to help pay to repair damaged covered property using environmentally-friendly materials, low-impact
construction processes and efficient heating and cooling technology after an insured loss. Chubb will pay the difference between
repairing the property to its pre-loss condition and repairing it using green materials and construction techniques, subject
to the applicable limit of insurance. The option is available for property that did meet, or no longer met, green certification
standards in effect at the time of loss or damage.
Green buildings, on average, decrease operating costs 8% to 9% and energy consumption by 30%, according to the U.S. Green
Building Council. On average, their market value is 7.5% higher than non-green structures.
"As businesses look to help protect the environment and improve their operations, Chubb continues to innovate around our customers'
desire to go green," said Bill Puleo, worldwide mono-line property manager for Chubb Commercial Insurance. "Whether businesses
wish to enhance their buildings with green features, achieve LEED certification or build green from the outset, the property
insurance we provide can be tailored accordingly."
In addition, the new endorsement can provide:
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additional insurance up to $20 million for the cost to upgrade damaged covered property to applicable green standards;
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additional business income and extra expense insurance; and
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reimbursement for expenses incurred to hire green professionals to repair or replace covered property and dispose of debris
in accordance with green standards.
Since 1994, Chubb's commercial property insurance policies have insured the green features of buildings and business personal
property on a replacement-cost basis. These features include vegetative roofs, solar panels, geothermal systems, wind turbines,
groundwater collection systems and Energy StarTM equipment. Chubb has loss control and underwriting specialists who have completed
Leadership in Energy and Environmental Design (LEED) professional accreditation to help identify, develop and advance the
loss control programs for green buildings, equipment and other business personal 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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