Green Building Insurance

This episode on green building insurance was filmed live at The Lakewood Chamber of Commerce March Industrial Lunch Meeting, at the Ramada Inn, in Toms River, N.J.

Green Building and becoming LEED Certified are areas of tremendous growth throughout the United States and the world. As with other growth, Insurance companies have been reactive and slow to respond to the needs of green building owners, green building developers, and green design professionals.

Having adequate green insurance with proper replacement value is critical in limiting green insurance exposure. It is very important that your insurance agent have knowledge of green insurance. Green buildings have special qualities which often require green coverage enhancements not included on standard insurance policies. Green insurance issues include the costs of alternative water and energy systems, business interruption, the cost of building commissioning, costs associated with green certification after reconstruction.

Much of the risk associated with green building comes from the design services, including guarantees and warranties of LEED certification.

What is LEED certification?

In the United States and in a number of other countries around the world, LEED certification is the recognized standard for measuring building sustainability. Achieving LEED certification is the best way for you to demonstrate that your building project is truly "green."

The LEED green building rating system, developed and administered by the U.S. Green Building Council, a Washington D.C.-based, nonprofit coalition of building industry leaders is designed to promote design and construction practices that increase profitability while reducing the negative environmental impacts of buildings and improving occupant health and well-being.

What are the benefits of LEED certification?

LEED certification, which includes a rigorous third-party commissioning process, offers compelling proof to you, your clients, your peers and the public at large that you've achieved your environmental goals and your building is performing as designed. Getting certified allows you take advantage of a growing number of state and local government incentives, and can help boost press interest in your project.

The LEED rating system offers four certification levels for new construction -- Certified, Silver, Gold and Platinum, that correspond to the number of credits accrued in five green design categories: sustainable sites, water efficiency, energy and atmosphere, materials and resources and indoor environmental quality. LEED standards cover new commercial construction and major renovation projects, interiors projects and existing building operations. Standards are under development to cover commercial "core & shell" construction, new home construction and neighborhood developments.

Robin Campbell
Green Insurance Specialist
Commercial Account Executive
Pavese-McCormick Agency, Inc.
3759 US Highway 1 South
Monmouth Junction, NJ 08852
robinc@pavesemccormick.com

Jim Farrell
CFO
Single Throw Internet Marketing
732-451-0820
FarrellJ@Single Throw.com

Category:

Education

Tags:

• Green
• Building
• Insurance
• LEED
• Certified
• green
• design
• professionals
• building
• owners