With green building construction starts expected to increase 400 percent in the next two years according to construction experts, Liberty Mutual Property, part of Liberty Mutual Group, has introduced a collection of “green” commercial property coverages. Green Select is a property policy endorsement that gives customers the coverage flexibility necessary to best protect their green investments.
In the event of a covered loss to a LEED or Green Globe certified building, Green Select provides insurance for building recommissioning and/or recertification fees, vegetative roofing systems, debris recycling and the use of green-certified products. The endorsement also covers the costs to recertify a building one level higher than its previous certification in the LEED Certification Program or Green Globe Certification Program. Green Select’s flexibility extends to non-green properties by giving owners the extra money necessary to upgrade certain aspects of their property to green.
According to Tim Rose, president of Liberty Mutual Property, Green Select addresses issues such as the longer restoration times required for green-certified buildings and allows customers to decide how best to allocate their resources if they choose to upgrade to green building materials.
Clients have access to LEED-certified engineering, an account stewardship process and coverage for mandatory fees for temporary HVAC systems used during reconstruction; lost business income from alternative energy production; extra expenditures necessary to get a business open sooner; service interruption of phone, electricity, gas, and water; and foundations and underground property up to 1,000 feet from a covered location.
Source: Liberty Mutual Property