Insurance Journal's Academy of Insurance
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As green buildings become mainstream, the challenge is on the insurance industry to be prepared for these genuinely unique risks.
This 4-part series is broken down to four, 1 1/2-hour sessions to be viewed at your convenience.
The Green Risks Series Boot Camp is the first of its kind – an educational webinar series about green buildings created by insurance professionals for insurance professionals. As green buildings become mainstream, the challenge is on the insurance industry to be prepared for these genuinely unique risks.
In this four part webinar event, key green building lessons will be delivered in strategic order designed to address property issues insurers should know. Critical to the insurer’s early ability to understand the risks for all stakeholders, this is a must-attend event. Part one of the series answers the first important question - what is a green building after all? This initial course identifies common green building goals and takes a look at green materials and components insurers should expect to find installed on these risks. Part two examines green building rating programs with a presentation on program targets, goals, scoring, and provides a discussion on LEED rating system. Part three in the series introduces attendees to green endorsements and the scenarios when ‘green’ issues can surface following an insurance property claim. This course gives examples of how green endorsements impact not only green buildings but traditional risks too. Part four concludes the series with a discussion about challenges and opportunities waiting for insurers when their clients are going green. This webinar series is for the insurance professional looking to position for the future and take advantage of where the market is headed. Each webinar is 90 minutes.
Part 1: Green Buildings: What they are and what they do This first course is a review of the fundamental characteristics which label a building green. Attendees will learn what a green building is ‘by definition’ and environmental statistics on both residential and commercial buildings. In this course, the six primary goals of green buildings will be identified. In addition, attendees will receive an in depth look at green building materials and components used in today’s construction. What factors make a product green will be addressed too and students will discover there are several ways a product or material can be green. Attending this course is the first lesson in beginning to understand how green buildings impact insurer’s underwriting and claims. This class will also serve as a building block for the next course, “Green Building Rating Programs: A catalyst for green coverage”.
Participants of this webinar will:
You may also purchase only this class, "Green Buildings: What they are and what they do." Part 2: Green Building Rating Programs: A catalyst for green coverage In the United States we have a variety of green building rating programs available at local, state, and national levels. While no two programs may be exactly identical, there are some common themes found in rating programs which this course explores. Green rating programs serve to document specific environmental features installed as well as provide interested parties a third-party verified and labeled green risk. In this course, attendees will get a glimpse of the premier green building rating program – Leadership in Energy and Environmental Design, also known as LEED. It is these environmental features which are expected to pose coverage issues after a property loss, especially since the insured will want to maintain their green label. This course will help the attendee consider reasons why green endorsements were developed. For property insurers, it is imperative to be familiar with green rating program concepts. Upon completion of this course, the attendee will be ready to be introduced to green endorsements delivered in part 3 of this boot camp series. Participants of this webinar will:
You may also purchase only this class, "Green Building Rating Programs."
Part 3: Green Endorsements 101: A summary of coverage offered and review of benefits to both insured and insurer In chronological order, green buildings came first. Then, green rating programs were created and followed by green endorsements. While modern day green buildings have been around for decades, green property endorsements have only been on the market since 2006. It is true that the building industry is years ahead of the insurance industry in terms of participation, education, creating products, and marketing “green”. Not to worry though as this order of things were necessary. Green buildings and green rating programs had to be first or else why are we creating products for risks which don’t exist? Today, the insurance industry has developed products especially for these unique risks. Here in the United States, our industry is revving up to the challenge of insuring green risks. In this course, the attendee will become familiar with generic but critical elements of green endorsements on the market, potential limitations, and categories of coverage. In addition, they will hear the four coverage scenarios where ‘green’ issues can surface following a property claim. This course will show examples on how a LEED building (or any other rated risk) can be impacted by green coverage and without green coverage. This course will also give examples on how a traditional building can be upgraded with green components via green endorsements. Benefits to both insured and insurer will be looked when going green as well as the class will discuss how green endorsements help turn negatives into positives. Some past lost opportunities in claims will be observed. Participants of this webinar will:
You may also purchase only this class, "Green Endorsements 101."
Part 4: Green Risks: Challenges and opportunities facing insurers What are the coverage implications facing insurers as a result of green buildings? What are some of the underwriting issues involved on green buildings? What customer service mistakes wait for agents and adjusters who are not in tune with their green consumers? Does a future errors and omissions claim lay in waiting for the ‘green ignorant’ insurer? Will a current client become a former one following unreasonable delays or inadequate coverage caused by lack of training? Does an insurer need to offer a green endorsement before worrying about any of these potential issues or is every insurer at risk? These questions and more are the subject of this course which is the last class in this boot camp series. This course will give specific examples of the challenges facing insurers such as underinsurance and like, kind, construction (LKC) issues. An education gap is anticipated for those insuring green buildings and this course will highlight some examples. Are there any cross-selling opportunities for insurers? How many consumers are buying green products today? These are questions insurers should be asking which this course will address.
You may also purchase only this class, "Green Risks: Challenges and opportunities facing insurers."