According to a report released at the end of April, the federal government could make available as much as $72 billion in funding or loan guarantees under 30 existing federal programs from a variety of federal agencies to enhance the energy efficiency and sustainability of commercial buildings and multifamily residences.1 The availability of federal funding for green building initiatives combined with the enactment of local laws like the green buildings laws passed by New York City at the end of 2010 ensure that the momentum for green building will continue to grow.
For insurers, the growing popularity of green buildings means both addressing claims arising out of the use of new technologies and developing new products addressing green building risks. Although these issues are relatively new, insurers have begun to see green building-related claims, and some new products have been developed. This article first summarizes the new New York City green buildings laws and then discusses claims and products related to green buildings.
Green Buildings Law
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