22 July 2009
AAIS (Wheaton, IL)—The American Association of Insurance Services (AAIS) announced its development of “…standardized builders’ risk insurance policy forms that provide coverage for loss exposures related to the ‘green’ certification of an insured project.”
The Forms are available on the the Builders’ Risk section of the AAIS Inland Marine Guide. “The forms will be filed in 22 states that do not exempt inland marine insurance from form filing requirements; the proposed effective date is Dec. 1, 2009.” One of the forms is “Green Building Coverage.” Under this coverage which “..can be endorsed onto a standard builders’ risk jobsite form,” there four additional coverages, including Indoor Air Quality, Recycling Debris, Recertification, and Electricity and Water Replacement.
AAIS explains that the coverages are “…triggered only by an insured loss covered under the base builders’ risk form.”
The second form is “Delay in Completion Coverage Part – Green Building Form.”
The AAIS forms provide for lump sum fees, interest and taxes, and extension costs such as
“…additional construction expenses, additional soft costs, loss of rental income, and loss of net income. Those extensions pay the added costs when a construction delay is extended because of additional procedures and processes required to meet the level of green certification that was incorporated into the project design before an insured loss.”
Source: http://www.aais.org/press/2009/Press072209.html (Reliability 7 )
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