Chubb has announced the availability new coverages under its specialized clean tech industry insurance program meant to help firms, including rebuilding “green” in the event of a covered property loss.
The Clean Tech Sustainability Suite – available in the United States and Canada – offers essential protection for firms doing research and development (R&D) and can help clean tech firms rebuild “green” in the case of a property loss, notes a company statement issued Thursday.
“This suite of insurance coverages provides protection for property and business income related to research and development as clean tech companies develop new products and services that contribute to environmental sustainability,” says Christi Edwards, Chubb’s North America clean tech segment leader.
“In addition, it helps these companies further demonstrate their environmental sensibilities by rebuilding ‘green’ if their facilities are damaged in a covered loss,” Edwards adds in the company statement.
The new suite includes the following:
R&D property and business income coverage – beyond insuring a clean tech firm’s R&D property (such as plans, records and formulas), it also insures R&D business income, including grants, endowments and other financial contributions as per the policy;
green standards upgrade coverage – covers the costs to repair or replace lost or damaged building and personal property to the minimum requirements of LEED, EnergyStar and other generally accepted green standards, and the corresponding loss in business income as a result of the increased time it takes to repair or replace to these standards; and
pollutant clean-up coverage – insures the costs to clean-up pollutants that are a part of property or R&D property while in transit and from land, water or air inside or outside a covered building.
The suite is supported by a dedicated team of underwriters who specialize in helping clean tech companies protect against risk. Product offerings may vary by location, the statement adds.