ACE announced last week that they have created a Green Contractor Insurance Program. People in the green building risk world have speculated that insurance companies would begin to offer green professional liability products. The ACE product does not cover professional liability issues, but instead is a pollution liability insurance product. According to ACE
Contractors Pollution Liability program, which addresses the growing risks and potential exposures faced by contractors as they begin to access federal stimulus dollars and experience increased construction activity. This green-specific insurance program is designed to cover contractor and sub-contractor environmental and pollution-related exposures. The product can also be tailored for Leadership in Energy and Environmental Design (LEED)-certified building projects as an Owner-Controlled Pollution Insurance Program (OCIP); a Contractor-Controlled Pollution Insurance Program (CCIP); or a standalone Contractors Pollution Liability Project placement.
The world is still waiting for a professional liability policy to cover green services by architects, contractors and engineers, but the insurance industry may be closer to determining the parameter of risk that green represents. I have been in contact with ACE, and will find out more about the parameters of this new product.