Firemans Fund Insurance Company Launches New Green Marine Insurance Coverage
Part of Insurer’s Green Product Portfolio, New Coverage Designed to Meet Strict Federal Air Quality Regulations.
NOVATO, CA (Oct. 8, 2008): Fireman’s Fund Insurance Company – the nation’s first provider of green insurance for buildings and homes – is now expanding its environmentally-friendly coverage to watercraft with a new green Hull and Machinery product.
This is the first-ever green insurance available in the marine industry, designed to ensure vessel owners meet new federal environmental air standards with their tugs, ferries, commercial fishing vessels, and offshore service vessels.
New marine emissions regulations established by the Environmental Protection Agency are creating a potential coverage gap for vessel owners facing major engine repairs. These new federal mandates require upgrades to strict environmental standards whenever older engines require replacement or substantial rebuilding. Most existing hull and marine equipment policies only cover restoration of damaged equipment to its previous operational condition—without betterment.
The green Hull and Machinery coverage will repair or replace the damaged engine with the most efficient model available to meet federal air quality requirements. In the event of a total loss to one engine, this coverage will also cover a portion of upgrades to the undamaged engine to match efficiency performance.
“This product is unique to the insurance industry,” said Roger Howe, product executive for Hull and Marine Liability at Fireman’s Fund Insurance Company. “Our customers will be protected with an unparalleled coverage which is not only good for the environment but makes good business sense as well.”
Fireman’s Fund was recognized by the Environmental Defense Fund for its contributions to the green movement in a new report, “Innovations Review 2008: Making Green the New Business as Usual” (www.edf.org/InnovationsReview). Fireman’s Fund was the only insurer highlighted in the report which includes the latest trends and best practices to demonstrate how environmental sustainability efforts are creating new markets and providing competitive advantages.
As previously announced, Fireman’s Fund, which is a member of the Allianz Group, will move its marine business lines to Allianz Global Corporate & Specialty beginning in 2009. This transition will lead to the creation of the world's largest marine insurance provider.
•About Fireman’s Fund
Fireman’s Fund Insurance Company is a premier property and casualty insurance company providing personal, commercial and specialty insurance products nationwide. It is rated ‘A+’ by Standard & Poor’s Rating Services. Fireman’s Fund is a member of the Allianz Group (NYSE: AZ), one of the world’s largest providers of insurance and financial services. For additional information, visit www.firemansfund.com.
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