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Construction Law Today

Insurance For Green Building And Design

Posted in Green Building and Design, Insurance

Green Building 2.jpgThe Cooperator’s Erik D. Nevala-Lee reports in Green Building Insurance Practices on new insurance for building green and designing green. The principal focus:

  • Professional errors and omission insurance for architects and engineers whose designs don’t meet LEED requirements specified by owners
  • Casualty insurers who will pay claims to re-build damages or destroyed property to be greener and more energy efficient

Mr. Neval-Lee specifically mentioned Fireman’s Fund Insurance Company (a division of Allianz) and Lexington Insurance Company (a division of AIG). They’re testing the market for new policies that pay to rebuild to higher environmental standard after a partial or total loss. Fireman’s Fund’s policy includes upgrading to LEED certified status by hiring a LEED accredited professional, as well as upgrading building materials and systems, like adding Energy Star appliances, roofing, plumbing, and heating and cooling systems.