Eco-friendly green insurance: The best step for insurers towards climate change

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Eco-friendly/Green products currently offered

Personal Lines

Coverage Type What it covers
Green property rebuilding Pays for the use of:

Environmentally friendly or energy-efficient materials when making repairs,

Energy-efficient equipment or appliances.

Policyholders who are already green can sometimes get discounts on their insurance premiums.

Property renewable energy reimbursement Protects a homeowner who uses an alternative energy system during power cuts. It may cover:

Loss of income generated from selling surplus energy to the local energy company,

Extra costs to purchase replacement electricity,

Utility or governmental fees for inspections, reconnections or permits when the homeowner’s alternative energy system is brought back online.

Property loss mitigation device discount Homeowners who install mitigation devices or adopt storm-resistant construction techniques, such as window shutters to protect homes during severe storms, in high-risk areas can get premium credits.
Pay as you drive (PAYD)/low mileage discount PAYD car insurance products give incentives to drive less, which contributes to less pollution. Customers can get personalized auto insurance rates based on how well and how much they drive.
Fuel efficient/low emission vehicle discount Several insurers offer discounts for hybrid or electric passenger vehicles.

Commercial Lines

Coverage Type What it covers
Upgrade to green commercial fleets This product offers an option to replace company vehicles from a regular fleet to hybrid vehicles as part of an endorsement to the policy.
Insurance for renewable energy projects This coverage is for companies in the renewable industry to help them manage risks, defend against legal claims and protect assets.
Insurance for renewable energy property, equipment and loss of use This type of policy covers replacement cost for equipment with more efficient equivalents. You can add equipment in operation, under construction or new purchased to the policy.
Insurance for green building Insurers assist customers build sustainable structures by assessing designs and specifications for new constructions and recommending measures to ensure top-notch construction and loss prevention as part of this coverage. It also covers green materials and construction following a covered loss.
Energy savings insurance This policy can act as a safety net for energy service companies that make energy saving guarantees. The insurer covers the difference if the energy savings fall below a predetermined baseline during the policy’s term, typically spanning 5-10 years.
Global weather insurance This policy covers insured individuals against unforeseeable weather conditions and climate change. This can be beneficial for event organizers who want to safeguard themselves against specific weather factors, such as rain or wind exceeding a defined threshold during coverage hours.

Specialty Lines

Coverage type What it covers
Environmental liability This coverage carries significant implications for various industries and risks. For example, commercial general liability, pollution legal liability and environmental obligations arising from court rulings and legislation. Losses can stem from various hazards or activities and can affect businesses ranging from large corporations to small construction subcontractors.
Professional liability insurance for raters and home energy survey professionals Since many specialist professionals providing energy-efficient services lack suitable coverage, certain qualified rates and home energy surveyors may get professional liability, general liability, and property coverage.

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