Lexington Insurance Co., a Chartis company, introduced an Upgrade to Green – Builder’s Risk, which provides coverage that supports green building construction and renovation projects registered with the LEED or the GREEN GLOBES rating systems.
Upgrade to Green, available as an endorsement to Lexington’s Completed Value Builder’s Risk Policy, extends coverage to address the risks green buildings face during three key areas of construction: project management and administration, site ecological impacts, and consumption of resources.
In the event of a covered loss to a green building, Upgrade to Green provides coverage for the fees of qualified professionals associated with the building’s design and restoration, as well as the costs of re-commissioning building systems and replacing vegetative roofs. Additionally, the product responds to changes to the relevant rating system criteria or loss of anticipated rating points as a result of a covered loss. For example, Upgrade to Green provides coverage if the new rating criteria require more points to achieve the anticipated certification level, or if the criteria to achieve the same number of points are more stringent and costly. It also provides extra remuneration for reconstruction or rework to secure new rating points if, as a result of covered damage, anticipated rating points are lost and no longer available.