Both Marsh- in its recent report reviewing the current state of the insurance marketplace with respect to green construction issues – and representatives of the Fireman’s Fund at Greenbuild have indicated that we will likely see a new insurance product on the market sometime in 2009 for professionals participating on green building projects. The product would likely be crafted as an endorsement to an existing professional liability policy and cover design professionals or other consultants against the possibility that, by signing credit submittal templates or other documentation in connection with a green rating system, they will trigger the standard exclusion to their professional liability policy that excludes coverage for claims arising out of an express warranty or guarantee. This is a critical issue for professionals and suggests the type of heightened vigilance with which green construction contracts must be vetted. Check out our numerous articles on the subject at gbNYC through the links below.
- Marsh Report: At Least One Insurer Considering Green Endorsement (gbNYC)
- The Green Built Environment in the U.S. (Marsh, register to obtain copy)
- Need for Green Counsel Becoming Increasingly Salient (gbNYC)
- Contract Language Remains Key (gbNYC)
- Thoughts on BIM and LEED Coverage for Design Professionals (gbNYC)
- Liability Archive (gbNYC)