Liberty Mutual Develops Green Building Insurance Policy
Insurance provider Liberty Mutual has introduced new commercial property coverage tailored specifically for LEED- or Green Globes-certified buildings.
The policy responds to the rising popularity of green buildings, Boston-based Liberty Mutual said in a statement. In the event of a covered loss to a green building, the policy would provide insurance for building recommissioning and re-certification fees, the installation of a "green" vegetative roof, debris recycling and the installation of green-certified products such as those under the Energy Star label.
In the event of a re-certification, the cost to increase the property sustainability rating by one level (for instance, LEED Silver to LEED Gold) would also be covered.
The policy also covers green retrofits to non-green properties. "Our endorsement encourages property owners to consider the environmental impact of their business and enables them to act responsibly regardless of whether or not they pursue green certification," stated Liberty Mutual President Tim Rose.
The Liberty Mutual policy is similar to one created by Fireman's Fund in 2006, the first sustainable building policy issued by a major insurance provider. Fireman's Fund broadened that policy last year with increased coverage for loss of earnings, soft costs like re-registration or re-certification, and rental value.
Liberty Mutual follows LEED guideline protocols at its 22-owned buildings and 9 million square feet of leased space. The company owns one LEED-certified building and has two buildings in the certification process.
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