ISO announced that it has filed the industry's first standard coverage option for commercial property owners interested in rebuilding damaged property with green alternatives
There are three major components of the new coverage:
-Green upgrade coverage will change existing replacement-cost coverage by providing an additional limit of insurance to address loss settlement of damaged property that use more energy efficient and environmentally preferable materials, products, or methods when it comes to design or construction in accordance with Environmental design(LEED program) or Energy Star
-The second is related to expense coverage, which provides an additional limit of insurance to be applied to expenses related to green upgrades. (Example.. recycling costs, such as the reuse or salvage of building materials or contents and related extraction and transportation expenses.)
- The third is within the business interruption coverage form which extends the period of restoration. This takes into account that using green standards may take longer than is customary with ordinary construction methods and materials.
We have not seen how this form is going to be used or priced as it was just introduced, but it is interesting to see how the insurance industry is also getting in on the action with regards to green building techniques.
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2 comments:
It is so great that the insurance industry is recognizing that the building industry should be according to the green building standards. These kind of news are always pleased to hear.
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