XL Insurance has launched its Sustainable Property Endorsement, a new green building product to encourage customers who experience a property loss to rebuild using resource efficient, environmentally friendly materials.
XL Insurance’s (XLI) Sustainable Property Endorsement is designed to be attached to US property insurance policies and is also adaptable to other tailored or manuscript forms under certain conditions.
The Endorsement is based on the leadership in energy and environmental design green building rating system developed by the US Green Building Council. It allows XLI’s customers to collect an amount greater than the value of the damaged property provided the damaged property is replaced with an environmentally acceptable substitute and, therefore, encouraging customers to upgrade their property at the time of loss.
In addition, the Endorsement is not just limited to property such as furniture and appliances, but instead applies to all insured property unless specifically excluded in the Endorsement. Coverage is extended to include undamaged property under the building laws provision as well as recycling and recertification expenses after both full and partial losses.
John Gallagher, chief underwriting officer of global property at XLI, said: Our Sustainable Property Endorsement provides an incentive for our customers to make their operations more water and energy efficient while at the same time helping the environment by providing an attractive solution to a global issue. Green building is more than a growing trend today – it’s smart business. Our customers want to create superior workplaces while minimizing the environmental impact.