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A green insurance option for businesses

A green insurance option for businesses
Environmentally-conscious business owners and schools can now buy peace of mind with an insurance policy that covers five-star green standard reconstruction – a first in New Zealand.

 Environmentally-conscious business owners and schools can now buy peace of mind with an insurance policy that covers five-star green standard reconstruction – a first in New Zealand.

The policy has been created by private insurance broker Apex General in partnership with NZI, and covers commercial property loss as well as reasonable costs incurred to upgrade buildings using sustainable materials. Policy holders are covered for all types of natural disasters, including fire and earthquake.

Managing director of Apex General, James McGhie, said the policy is unique to the company and has a generous limit that is the most comprehensive available on the market right now.

The policy will cover 10 percent of the actual cost of the rebuild to a five-star green standard approved by the Green Building Council, up to $500,000.

“Green building materials can cost more initially, so we have made sure that the limit on this policy are double those available to others."

After talking to customers, McGhie says many businesses would choose to rebuild more environmentally friendly premises, if given the chance.

"If we are to use the example of Christchurch – in the event of an earthquake anywhere in the country and your business suffers a total loss – you can then choose to rebuild your business using eco materials such as solar panels, wool insulation and green power sources. These are all things which will save your business money long-term, and keep your operating costs low."

The policy is currently in place at 150 Auckland schools.