“Green” Insurance is Here

The “Green” Movement bandwagon grows everyday and it seems that now is the Insurance industry’s time to hop on.  In a recent posting by Gregory Boop, from About.com Business Insurance, Fireman’s Fund Insurance has announced that they will be the first commercial Auto insurance carrier to offer “Green-Guard” protection.

“Green-Guard” protection for your commercial Auto is essentially an endorsement to your new or current auto policy.  The endorsement is called New Vehicle Replacement Hybrid Upgrade Coverage and is described by Fireman’s Fund on their website like this:

“New Vehicle Replacement Hybrid Upgrade Coverage: gives a customer new vehicle replacement cost coverage for specifically identified autos with the option to upgrade to a hybrid model (or its equivalent) during the first three model-years – an attractive choice for those who want to protect the value of their assets, reduce their energy costs, and do something good for the environment.”

“Green-Guard” is not unique within the Fireman’s Fund suite of products.  Similar Green coverages can be purchased for Commercial Buildings and Manufacturing Facilities.  Unfortunately, for now, Green coverages are very limited and currently relegated to commercial insurance.

Don’t fret my environmentally-minded friend, if there is one thing I know about the insurance industry its Monkey-See, Monkey-Do.  If one carrier has come out with Green products and they have any success at all, many more carriers will follow.  This phenomenon will increase competition in price and expand availability. “Going Green” is a cultural event that Capitalism is rapidly trying to capitalize on (see Cash for Clunkers). So even though you may not be able to Green your insurance right now, those days do not seem far off.

Disclaimer:

This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions take or not taken by the readers based upon such information.

Thank you,

Ryan H.

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