The word “green” appears everywhere these days. People want every product that they use to be environmentally friendly, and that desire trickles all of the way down to where they’re living as well. Green buildings are more popular than ever before, with most new construction, whether it’s a multi-family home or apartment building or a single-family house, falling into this category.
However, this leaves a big question in the air: what happens when something goes wrong? Issues can occur with green construction projects before and after they’re completed. Thankfully, there are several types of green building insurance that can help make issues less costly.
Green Building Delay in Completion Insurance
If you’ve been in construction for a while you’re probably already familiar with the standard version of this insurance. It’s designed to make up for lost income, additional construction fees, and more should a building project end up getting delayed for any reason. When it comes to green, or environmentally friendly buildings, the increased need for the appropriate building materials and issues with the supply chain providing them can make delays quite common. Thankfully, you won’t have to worry about losing as much money when you have delay in completion insurance in place.
Green Errors and Omissions Insurance
What happens when your LEED-certified building turns out not to be LEED-certified after all? Well, you, the builder, could face expensive lawsuits with settlements that might bankrupt your company. If you have green errors and omissions insurance, however, this won’t be as big of an issue, because your insurance policy will protect your company’s bottom line. Everyone involved in the creation of the project can apply for this coverage.
Green Building Coverage
Sometimes things can go wrong during or after a building is completed. Prior to it being occupied, if the water or heating systems go on the fritz, you’ll need to rely on public utilities in order to cover the gaps while everything is being restored. Green building coverage pays for this, as well as the act of getting the system recertified once they’re back up and running.
Green building coverage can also pay for things like the difference between getting excess building materials properly recycled instead of taken to the nearest landfill, and even having the building’s air quality restored to the correct levels.
Green Landscaping Coverage
Did you know that some buildings have green roofs? This doesn’t mean that they’ve been painted the color green. Instead, it means that they have environmentally friendly roof gardens in place. Putting in and caring for this type of roofing can lead to a number of problems, such as a leaky roof surface and more. This is where green landscaping coverage comes into play.
Have Questions? Contact Charlotte Insurance
Want to learn more about green building insurance? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.