A report from the Environmental Defense Fund gave notice to only one insurer for an innovative approach that contributes to the green movement.
The EDF's "Innovations Review 2008: Making Green the New Business as Usual" recognized Fireman's Fund and included the company's chairman, Chuck Kavitsky, among four other executives at a press conference unveiling the report in California.
Novato, Calif.-based Fireman's Fund said the EDF report highlights the latest trends and best practices that demonstrate how environmental sustainability efforts are creating new markets, providing competitive advantages and saving companies millions of dollars.
"Environmental sustainability is no longer the purview of boutique eco-brands," the report said. "And it is no longer just about compliance with regulations or securing positive press coverage. It's about driving cost savings through efficiencies, creating new markets and securing competitive advantage. Smart companies realize that what is good for the environment is also good for business."
Fireman's, a member of the Allianz Group, was recognized for its insurance product to insure green buildings.
The company said it was the first property-casualty insurer to offer green insurance to the U.S. commercial marketplace in the fall of 2006. It gave the first financial incentive for green building owners, a 5 percent discount on the policy premium for LEED-certified buildings (Leadership in Energy and Environmental Design).
The policy package allows restoration of the building to its original green condition after a loss, including the heating and air-conditioning system, and covers the upgrade of a building to green status.
The report notes that Travelers recently introduced a similar package for mid-size buildings called Green Building Coverage Enhancements.
The EDF report is available at www.EDF.org/InnovationsReview. The EDF partners with business, governments and communities to find practical environmental solutions.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.