There is no additional charge for this coverage enhancement, which is available as an endorsement to commercial automobile policies issued by Chartis insurers. It allows customers to be reimbursed for their auto physical damage deductible, or have it waived, up to a maximum of $1,000, if a covered gasoline-powered vehicle is deemed a total loss and is replaced with a “green automobile.” Insureds must submit documentation verifying a “green auto” purchase to their claims adjuster no later than 30 days after payment of the total loss settlement.
“Today’s businesses are striving to reduce their carbon footprint, so it is incumbent upon us to offer solutions that assist them in their effort to adapt to evolving regulations,” said Louis Iglesias, Chairman and Chief Executive Officer of Commercial Casualty. “We pride ourselves on our ability to deliver innovative products that provide meaningful benefits to clients across all of our market segments and industry initiatives. This new auto solution complements our general liability solution for green commercial and residential properties.”
For more information regarding this auto endorsement, please contact Lentz Merisier, Senior Vice President of Commercial Casualty, at 212-458-5644 or via e-mail at lentz.merisier@chartisinsurance.com.