Chubb Joins Renewable Energy Groups

The Warren, New Jersey-based Chubb Group of Insurance Companies has announced it has joined with the American Council on Renewable Energy and U.S. Green Building Council in an effort to support the development of alternative energy markets. Company officials said it made the move as a means to serve its commercial policyholders. Increasingly, more carriers are looking at ways to take advantage of the underwriting risks and benefits available in the growing alternative energy market.

The Hallandale Beach-based Riemer Insurance Group is now offering “Green-Gard” coverage through the Fireman's Fund Insurance Company. Green-Gard is a supplemental policy for property owners of commercial buildings that currently own green-certified property or have plans to make their buildings green-certified in the near future.

Chubb officials said they have recently formed a green-energy team, made up of experienced underwriters and loss-control specialists, to respond to the accelerating development of environmentally friendly energies, products, and technologies. The team is charged with developing core commercial insurance products and services that utilize such technology. Chubb noted that over the past 20 years, it has insured risks that use renewable wind turbines, ethanol and biodiesel plants, solar energy, and hydroelectric power generators.