|Lexington Insurance Company Introduces Upgrade to Green® - Builder’s Risk Coverage|
New York – August 11, 2009 – Lexington Insurance Company, a Chartis company, today announced the introduction of Upgrade to Green® – Builder’s Risk, which provides coverage that supports green building construction and renovation projects registered with the LEED® or the GREEN GLOBES® rating systems.
Upgrade to Green, available as an endorsement to Lexington’s Completed Value Builder’s Risk Policy, extends coverage to address the risks green buildings face during three key areas of construction: project management and administration, site ecological impacts, and consumption of resources.
In the event of a covered loss to a green building, Upgrade to Green provides coverage for the fees of qualified professionals associated with the building’s design and restoration, as well as the costs of re-commissioning building systems and replacing vegetative roofs. Additionally, the product responds to changes to the relevant rating system criteria or loss of anticipated rating points as a result of a covered loss. For example, Upgrade to Green provides coverage if the new rating criteria require more points to achieve the anticipated certification level, or if the criteria to achieve the same number of points are more stringent and costly. It also provides extra remuneration for reconstruction or rework to secure new rating points if, as a result of covered damage, anticipated rating points are lost and no longer available.
“We are committed to supporting sustainable development through innovative green products and services,” said Liz Carmody, Senior Vice President, Lexington. “Upgrade to Green, which is part of our Ecosurance® portfolio of green products, addresses the unique risks that green construction and renovation presents to property owners.”
Chartis is a world leading property-casualty and general insurance organization serving more than 40 million clients in over 160 countries and jurisdictions. With a 90-year history, 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.Chartisinsurance.com. 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.
LEED is a registered trademark owned by the U.S. Green Building Council.