Mainstay Insurance Group and Liberty International Underwriters (LIU), a division of Liberty Mutual Group, have launched a new “green” program that offers a broad form general liability product for mid-size real estate properties.
The new primary program targets a variety of real estate classes including apartments and condominiums as well as office, retail and light industrial buildings. The primary program offers specialty green coverage enhancements for indoor environment and adverse publicity exposure. The indoor environment endorsement can cover bodily injury claims resulting from specialized air and water quality equipment and products. The adverse publicity exposure endorsement can provide crisis planning, management and consulting when a green building incurs bad publicity due to a construction defect.
The program also includes a real estate and property managers’ endorsement that modifies and broadens 21 areas of commercial general liability (CGL) coverage. Although coverage normally is listed as separate endorsements, the program combines the coverages in one form, eliminating the need to research multiple enhanced general liability coverage options.
The program will also offer membership in new nonprofit association called AGPOM. The Association of Green Property Owners and Managers (AGPOM) offers members a variety of benefits that help leverage the financial and reputational benefits of the Green Movement.
“Green building owners are a good risk because they are more likely to maintain their property and to have in place a strong risk management plan to protect their facility,” said Joseph Peloso, vice president of liability programs for LIU. ”
The program’s general liability coverage will eventually be available in all 50 states. While the primary program is for mid-size risks with premiums between $2,500 and $30,000, larger schedules are also eligible for AGPOM membership and will continue to be handled by LIU’s branch offices.
Source: Mainstay, Liberty International Underwriters, AGPOM
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