June 1st, 2009
Hedge your bets: Green tech warranties, insurance ensure you'll be able to buy green in the future
Pretty much no one expects you to go rip and replace all of the technology in your home or business with green stuff if there’s still life in the old stuff. That just wouldn’t be very green, would it?
But a couple of forward-thinking companies in the insurance and product warranty sectors are offering ways to help you pay any price-premium you might face in the future for wanting to replace your existing stuff with green-rated technology.
Chubb Group, as an example, has introduced a policy called the Masterpiece GreenWise Upgrade option. If you opt for this plan, the company will pay the uptick that it would cost to invest in environmentally friendly building materials as well as energy-efficient heating and cooling technology. Here’s a description of the plan. Other insurance companies including AIG, Zurich, CNA, Travelers and Liberty Mutual have started rolling out similar plans, but Chubb’s plan will actually cover up to 100 percent of the insured value of the home, if you want. (Apparently, a lot of the other plans will onlyl cover a fraction of the value.) Chubb also has introduced options that explicitly cover damage to solar, wind or geothermal systems, ensuring that you won’t end up paying exorbitant rates if your equipment is damaged and you have to buy energy from the utility for a short-term period.
Home Warranty of America is also testing the green waters. The company offers a GreenPlus option that ensures you’ll be able to replace your existing appliances and so forth with items that are Energy Star-rated. Mark Roth, president and CEO of the company, says his company is marketing the coverage through real-estate professionals, who can use the warranties as an extra edge in closing deals. The plan covers basically pretty much every piece you could imagine in the home. “We tried to figure out everything that we could touch that would have potential for this high-end option,” he says.
Heather Clancy is an award-winning business journalist in the New York area with more than 20 years experience covering the high-tech industry. See her full profile and disclosure of her industry affiliations. See her full profile and disclosure of her industry affiliations.
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