The U.S. Green Building Council reports that by 2010, the value of green building construction is projected to increase to $60 billion, with approximately 10 percent of new commercial construction starts expected to be green. Delivering on the growing demand, Travelers Inland will offer Green Building Additional Coverage.
Designed to support and maintain green construction, the new insurance product will allow customers with new or renovation projects the opportunity to add Green Building coverage enhancements to their Builders' Risk or Installation policies. The goal of the coverage is to help a project move forward, with minimal impact, in the event of a covered loss.
Green Building Additional Coverage will cover many costs related to rebuilding and recertifying a covered property to its budgeted level of green certification. A covered loss may result in additional expenses to comply with certification standards of a Green Authority. Coverage also relates to technology used in green construction such as Alternative Power Generating Equipment and Alternative Water Systems.
"A new set of risks can surface when green building construction materials are used and stored," explains Joseph Tracy, chief underwriting officer, Travelers Inland. "Innovative, green building materials often cost more than traditional materials. Sustainable site development, water and energy consumption and the indoor environmental quality of the completed structure are all considered when selecting construction materials. These exposures are contemplated in this additional coverage."