March 5, 2008—Lexington Insurance Company, an American International Group company, has announced Upgrade to Green Commercial, insurance that allows commercial property policyholders to rebuild the insured building and replace personal property with products that embrace sustainability principles and reduce the overall impact of the building on the environment.
Upgrade to Green Commercial, available as an endorsement to Lexington Insurance Companys commercial property insurance policies, is the latest addition to Lexington’s suite of EcoSurance products, developed to promote environmentally friendly practices and to respond to changing market needs, says the company.
Upgrade to Green Commercial coverage responds to covered partial and total losses for both Leadership in Energy and Environmental Design (LEED) certified and non-LEED certified buildings. In the event of a total loss, LEED certified insureds will be allowed to upgrade their building to the next level of LEED certification upon reconstruction. Non-LEED certified insureds can use the coverage to rebuild to a LEED silver standard.
In the event of a partial loss, the coverage focuses on four areas of interest to commercial property owners: energy efficiency, water efficiency, indoor air quality, and sustainability.
The coverage encourages the use of ENERGY STAR-qualified office equipment, including light industrial heating and cooling systems and lighting systems to reduce energy costs; interior building components such as paints, primers, adhesives, architectural coatings and composite wood partitions, counters, cabinets, systems furniture and seating that have reduced emissions of organic compounds to improve indoor air quality; and cabinets, molding, and flooring materials made of bamboo, eucalyptus, or other materials that are rapidly renewable or sustainable produced.
n addition to covering rebuilding costs, the policy covers expenses for recycling during reconstruction and at the time of loss.
For more information, see the AIG Web site.
