Chubb Helps Clean Tech Companies Rebuild 'Green' After a Loss, Launches New 'Sustainability Suite' of Coverages
PHILADELPHIA, Sept. 15, 2016 /PRNewswire/ -- Chubb has added a suite of new coverages to its specialized clean tech industry insurance program. The Clean Tech Sustainability Suite provides essential protection for firms conducting research and development (R&D) and can help clean tech firms rebuild "green" in the case of a property loss.
"Chubb's Clean Tech Sustainability Suite responds directly to the priorities of today's clean tech companies," said Christi Edwards, North America Clean Tech Segment Leader for Chubb. "This suite of insurance coverages provides protection for property and business income related to research and development as clean tech companies develop new products and services that contribute to environmental sustainability. In addition, it helps these companies further demonstrate their environmental sensibilities by rebuilding 'green' if their facilities are damaged in a covered loss."
Supported by a dedicated team of underwriters who specialize in helping clean tech companies protect against risk, the Clean Tech Sustainability Suite includes:
- Research & Development Property and Business Income Coverage: Insures not only a clean tech firm's R&D property such as plans, records and formulas, but also its R&D business income including grants, endowments and other financial contributions as per the policy.
- Green Standards Upgrade Coverage: Insures the costs to repair or replace lost or damaged building and personal property to the minimum requirements of LEED, EnergyStar and other generally accepted green standards, as well as the corresponding loss in business income due to the increased time it takes to repair or replace to these standards.
- Pollutant Cleanup Coverage: Insures the costs to clean up pollutants that are a part of property or R&D property while in transit and from land, water or air inside or outside a covered building.
Chubb offers research and development, early stage and commercialized clean tech companies a variety of property and casualty insurance products and risk engineering solutions to help manage risks as these firms evolve. Insurance is available to respond to loss or damage to buildings or personal property, R&D property, loss of milestone payments due to property loss or damage, equipment breakdown, general liability, product liability, umbrella liability, and errors and omissions liability. Multinational insurance is also available for companies as they conduct business across borders.
Chubb's Clean Tech Sustainability Suite is available in the United States and Canada. Product highlights within this press release are summaries only; please refer to the policy for terms and conditions. These product offerings may vary by location.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com.
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SOURCE Chubb
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