Acadia Insurance Advises Green Builders to get Green Coverage
Acadia’s Green Building coverage provides protection against costly “green” exposures and expenses
WESTBROOK, Maine (June 7, 2010) – Although many features of green construction are covered in a standard builders’ risk policy, owners, contractors or developers constructing energy efficient and environmentally-sound buildings may find that, after a loss, many expenses necessary for complying with their green certificate are not covered in the basic policy.
It is not uncommon for even a small fire in a green project to result in expenses that may not be covered in a basic builders’ risk policy. For example, after a loss, it can be very expensive to dispose of the damaged property at a landfill, and it is even more costly to divert the debris to a recycling facility. Project owners should consider the costs involved to recycle the debris according to green standards and see if their builders’ risk policy will cover this exposure.
To respond to the additional exposures and costs that Green Building construction can present, Acadia is offering a Green Building form which includes coverage for the following expenses:
Proper Disposal of damaged property and debris to a recycling facility.
Recertification of the structure in accordance with green certification standards.
Restoration of air quality to standards set in their air quality plan.
Electricity or Water Replacement if damage to your generating or conservation equipment
“When a project is being reconstructed to repair damage after a loss, there are going to be costs associated with recertifying the structure in accordance with green certification standards,” said James Tammaro, Inland Marine Specialist, “The Green Building coverage form can help cover these fees and consultant expenses.”
It is also important to note that the delay in completion of a green building after a loss can cause financial losses other than those associated with repairing the structure. The “soft costs” associated with a construction project can be increased significantly by the procedures necessary to regain green certification.
Therefore, Acadia’s Green Delay in Completion form can cover:
Additional advertising and financing expenses after the damage is done.
Loss of surplus power income from the inability to feed power due to damage to energy generating equipment.
Increase of lost income from the completed project due to delays in the recertification process.
For more information on Acadia’s Green Building Coverage or Acadia’s Green Delay Coverage, including terms, conditions and available limits, please contact a local Acadia agent or visit our website at www.acadiainsurance.com.