Fireman’s Fund Insurance Co. is one of five firms recognized by the Environmental Defense Fund and Calif. Governor Arnold Schwarzenegger for having contributed to the “green” movement.
EDF’s recent report, “Innovations Review 2008: Making Green the New Business as Usual,”; highlights the latest trends and best practices that demonstrate how environmental sustainability efforts are creating new markets, providing competitive advantages and saving companies millions of dollars.
“While Wall Street is used to operating in terms of quarterly returns, when it comes to climate change we can’t afford the long-term costs of short-term thinking. Now is the time to think ahead,”; Schwarzenegger said.
“Businesses have enormous influence in catalyzing environmental change,”; said EDF’s Executive Director David Yarnold. “The companies featured in ‘Innovations Review 2008’ demonstrate that integrating environmental considerations into business processes creates a competitive advantage.”;
EDF leadership and a distinguished advisory panel of experts from the fields of environmental science, law, finance and management consulting assessed hundreds of business products, practices and technologies, selecting more than 20 innovations from around the country that are highlighted in the report. Fireman’s Fund was the only insurance company recognized.
The “Innovations Review 2008” features game-changing best practices that can influence nearly every functional area within a company – including real estate, operations and manufacturing, fleet management, human resources, information technology and finance. Additional innovations highlight transformations underway in the shipping, food and agriculture, retail and insurance sectors. All the innovations were selected based on four key criteria: good for business, good for the environment, ready for implementation across an industry or business sector, and innovativeness.
Fireman’s Fund claims to be the first property and casualty insurance firm to offer green insurance to the U.S. commercial marketplace, introduced in fall 2006. It says it gave the first financial incentive for green building owners – a 5 percent discount on the policy premium – for LEED-certified buildings. Vegetated roofs, plumbing and electrical systems, commissioning and the costs for green recertification fees for previously certified buildings are all included coverages that fill the gaps in traditional insurance policies.
The company’s commercial insurance division has expanded its green offerings to include historic buildings, hotels, restaurants, manufacturing facilities and commercial auto. The specialty insurance division also offers green coverage for commercial buildings that are under construction.
A downloadable version of the report is available at www.EDF.org/InnovationsReview.
Sources: EDF, Fireman’s Fund
Was this article valuable?
Here are more articles you may enjoy.