Schaumburg, Ill. — Zurich, a leading commercial property/casualty insurance provider in North America and abroad, announced the expansion of its Better Green property endorsement offering. The additional endorsements added to Zurich’s series of green building-related coverage products that address the needs of middle market and large corporate accounts that are “green” or seeking to “go green.”
The latest in the Better Green series of endorsements provides North American insureds with coverage to address loss exposures and expenses, including time element associated with the repair, replacement or rebuilding of damaged property according to “green” standards applicable at the time of loss or damage.
“In cooperation with Zurich’s climate office, we are developing unique products and services aimed at helping to produce a cleaner environment, reduce energy usage and improve risk quality,” says Dan Loris, SVP of Zurich’s property line of business. “Our most recent products, designed for mid-size and large corporate accounts, provide true betterment coverage—going above and beyond simply making an insured whole after a loss. These endorsements allow for reconstructing with improved damage mitigating features not generally called for in today’s evolving green building practices, or required by other minimum codes or standards.”
The Better Green property endorsements provide:
• Limits commensurate with size of account
• Options to upgrade real and personal property, but without tying those upgrades to a “green” certification level
• Coverage to strengthen building construction through the use of damage-limiting materials, such as wind-resistant glass that is less likely to incur future hurricane losses, therefore lessening the impact on the environment
Zurich’s Better Green endorsement for large corporate insureds also has slight coverage variations, and greater flexibility to meet the needs of the large corporate marketplace, including the ability for global coverage.
“As a global insurer, Zurich is committed to supporting companies that are adopting new technology and rethinking how they do business in order to reduce waste and energy consumption,” says Gregory Huigens, underwriting manager, Zurich Global Corporate in North America. “Zurich’s Better Green – Additional Green & Improvement Coverage for large corporate accounts allows insureds to choose the level of coverage they want, including coverage for air quality testing, if desired.”
The Better Green series of endorsements is intended to cover the reasonable and necessary costs incurred due to loss or damage of a covered property. It also enables insureds to be more socially responsible and help contribute to a better environment.
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