Green building insurance: Has your insurance policy gone green yet?

Green Building Insurance

In 2006, the District of Columbia passed the Green Building Act (GBA), which requires that all public buildings meet the U.S. Green Building Council’s LEED certification standards for environmental performance.  The certification must be “silver” level or higher.   Projects that are District owned or financed residential projects that exceed 10,000 square feet must meet these new guidelines.   Secondly-all new private development projects 50,000 square feet or larger are now required to meet the LEED certification.

How does your insurance policy stack up against all these new regulations?  Most building polices provide coverage for Law & Ordinance but this does not extend to the additional green building attributes that are now being required.   So-what should a building owner do?  They need to review their current coverage to make sure it provides for this valuable extension.  The cost to replace or rebuild a structure to a LEED Silver Certification can exceed 15% of the total building value.   Most insurance carriers are offering extensions and it’s important to compare these to see how they stack up against this new building regulation. When reviewing green building coverage endorsements building owners should consider:

  • Does the policy provide coverage to hire accredited green professionals to participate in the repair and replacement of the covered property?
  • Will it register and certify the repair or replacement?
  • Does it provide coverage to dispose of the debris pursuant to green standards?
  • Will it provide additional coverage to repair or replace the covered property in a manner consistent with green standards?

Don’t be left in the dirt! For a limited time, McLean Insurance is offering a FREE Review for your insurance policy to make sure it’s ready to meet the new standards and requirements! Fill out the form below to request a policy review today by one of our commercial insurance experts.

 

Resources: 

US Green Building Council http://www.usgbc.org/leed/rating-systems

The District of Columbia http://ddoe.dc.gov/greenbuildings

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Posted in Building Insurance

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