Offer coverage for loss exposures related to the 'green' certification of an insured project
American Association of Insurance Services (AAIS), an insurance advisory organisation, has developed a new builders’ risk insurance policy forms. It offers coverage for loss exposures related to the ‘green’ certification of an insured project – reported in Insurance Journal.
The forms appear in the Builders’ Risk section of the AAIS Inland Marine Guide. Rating procedures and underwriting guidelines for the traditionally non-filed classes of inland marine insurance will be available in all states, said the company.
But the forms must be filed for approval in all the states that do not exempt Builders’ Risk forms from filing requirements. The proposed effective date is December 1, 2009. This AAIS initiative consists of two new endorsements and related schedules and underwriting information.
One new form ‘Green Building Coverage’ is a coverage part which can be put onto a standard builders’ risk jobsite form. The green coverage part offers four additional coverages increasingly sought by insureds, claims the company.