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Designed to support and maintain green construction, the new product was built to allow customers with new or renovation projects the opportunity to add Green Building coverage enhancements to their Builders' Risk or Installation policies. The goal of the coverage is to help a project move forward, with minimal impact, in the event of a covered loss.
Green Building Additional Coverage will cover many costs related to rebuilding and recertifying a covered property to its budgeted level of green certification. A covered loss may result in additional expenses to comply with certification standards of a Green Authority. Coverage also relates to technology used in green construction such as Alternative Power Generating Equipment and Alternative Water Systems.
"A new set of risks can surface when green building construction materials are used and stored," said Joseph Tracy, Chief Underwriting Officer, Travelers Inland. "Innovative, green building materials often cost more than traditional materials. Sustainable site development, water and energy consumption and the indoor environmental quality of the completed structure are all considered when selecting construction materials. These exposures are contemplated in this additional coverage."
Travelers Inland builds upon the emphasis on sustainable design and construction offered in the coverage by providing services that add value to customers. The Inland Risk Control Network has specialized experience in working with green materials and the construction methods and technologies employed in green construction.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV | Quote | Chart | News | PowerRating) is a leading property casualty insurer selling primarily through independent agents and brokers. Travelers understands that life and business are inherently dynamic and that the best way to serve customers is to deliver insurance in-synch with evolving risks. The company's diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. Travelers is a Fortune 100 company, with 2007 revenues of approximately $26 billion. The company has more than 33,000 employees. For more information on being in-synch, visit www.travelers.com.
The content of this release is only for the informational use of the reader. In no event will Travelers or any of its affiliates be liable in contract or in tort to anyone who has access to this information for the accuracy or completeness of the information relied upon in the preparation of this release. Additionally, information contained herein does not constitute and shall not be construed to reflect the adoption of any coverage position by Travelers or any of its affiliates in connection with any of the topics or considerations set forth herein.
Keyword Tags:
green building, green construction, inland
SOURCE: Travelers Companies, Inc.
Travelers Companies, Inc. Jeffrey Weir, 860-277-8692
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