|Lexington Insurance Company to Insure Conservation and Mitigation Banks|
NEW YORK – March 15, 2012 – Lexington Insurance Company, a Chartis company, today announced the introduction of LexEcoBankSM, first party coverage for the conservation and mitigation banks that are being developed and managed to provide natural resource values.
“Habitat credits - the financial instruments that represent the ecological value associated with an acre of ecosystem - are the currency of conservation and mitigation banking,” said Erik Nikodem, Senior Vice President and Property Division Executive of Lexington. “Investment returns suffer if habitat credit sales are delayed as a result of direct physical loss or damage to the habitat that reduces its ecological value. LexEcoBank was developed to protect both the property and the habitat credits.”
LexEcoBank is stand-alone named peril coverage for owners and operators of conservation and mitigation banks. In the event of a covered loss to the habitat before the bank enabling instrument is executed and credits can be sold, the policy will pay restoration expenses and bank credit loss incurred by the policyholder. Bank credit loss valuation can be written on an agreed value basis. If a covered loss occurs after the bank enabling instrument has been executed, the policy will pay restoration expenses required to meet the ecosystem performance criteria outlined in the instrument. Policy terms of up to 5 years are available to support the bank development lifecycle.
LexEcoBank joins UpGrade to Green® and CarbonCover® in Lexington’s EcoSurance® suite of products designed to support environmental sustainability. For additional information about LexEcoBank, please contact Edward Fox, Inland Marine Product Line Manager at Lexington, at (617) 235-8970 or email@example.com. You can also visit us at http://www.lexingtoninsurance.com/home_3136_404263.htmlAbout Chartis
Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.aig.com/home_3171_411330.html. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.