Can anyone answer: If you insure an already “Green” (Leeds certified) structure, do they still need this ISO Green endorsement? (Wouldn’t the normal ISO Replacement Cost feature be replacing at like, kind,& quality anyway?)
Or does this endorsement only apply to non-Green buildings that once a loss occurs the building owner then wants to upgrade or rebuild to green (Leeds) standards? How is this beneficial either way?
Haven’t seen one comm’l bldg that’s 100% green, so there’s likely opportunity to upgrade some sections. Down the line, like kind and quality may not be the latest technology…this would make money avail. to upgrade. Normally, bus. income wouldn’t pay you to wait for special materials if standard materials were available and serviceable. Without the coverage, you’re not insured to be returned to LEED standards. You’re only insured to reopen ASAP with like kind and quality. Without the coverage you’re on your own dime if you choose to wait.
There are many components of the LEED System that may or not fall under the definition of “like kind or quality”. LEED not only tracks what materials are used but also where the material comes from and how it is manufactured to make sure that the materials and processes have energy and enviormental benefits. I have not read ISO’s endorsement but any endorsement should included not only the additional cost of approved material but also the delay (under Time Element)resulting from satisfying the requirement, and the expense to gather the data needed to submit to LEED for approval and certification.
Can anyone answer: If you insure an already “Green” (Leeds certified) structure, do they still need this ISO Green endorsement? (Wouldn’t the normal ISO Replacement Cost feature be replacing at like, kind,& quality anyway?)
Or does this endorsement only apply to non-Green buildings that once a loss occurs the building owner then wants to upgrade or rebuild to green (Leeds) standards? How is this beneficial either way?
Haven’t seen one comm’l bldg that’s 100% green, so there’s likely opportunity to upgrade some sections. Down the line, like kind and quality may not be the latest technology…this would make money avail. to upgrade. Normally, bus. income wouldn’t pay you to wait for special materials if standard materials were available and serviceable. Without the coverage, you’re not insured to be returned to LEED standards. You’re only insured to reopen ASAP with like kind and quality. Without the coverage you’re on your own dime if you choose to wait.
I think you answered the questions, thanks!
There are many components of the LEED System that may or not fall under the definition of “like kind or quality”. LEED not only tracks what materials are used but also where the material comes from and how it is manufactured to make sure that the materials and processes have energy and enviormental benefits. I have not read ISO’s endorsement but any endorsement should included not only the additional cost of approved material but also the delay (under Time Element)resulting from satisfying the requirement, and the expense to gather the data needed to submit to LEED for approval and certification.