How did we all miss this? While AIG may have had its problems recently, it certainly has created an innovative green building insurance product:
The company says the casualty coverage for property owners and managers of green buildings consists of two coverages, AIGRMGreen Reputation Coverage and AIGRMGreen Indoor Environment Coverage.
The reputation coverage provides up to $50,000 in coverage, per occurrence, when a green building experiences adverse publicity. It also provides funds to employ crisis management specialists to manage adverse publicity; guide and counsel key company personnel; and provide other services to assist in restoring a company’s reputation.
Did you know you can get insurance to cover you if your green building project goes awry? Obviously, I would have to read the exclusions (I haven’t), but theoretically I could envision that the AIGRMGreen Reputation Coverage would cover your project if it failed to achieve LEED certification.
In order to offer particular coverage, an insurance company has to be able to measure the risks and potential damages. How do you measure the damages from bad publicity resulting from a green building project?
Any AIG readers out there? I would love to talk to you about this coverage!