Domani Sustainability Consulting, an executive management consultancy, and Garnet Captive Insurance Services, a designer of alternative insurance programs, have announced an alliance to create the first captive insurance program designed exclusively for companies that are committed to sustainable business practices.
The program, called GREEN, is expected to significantly reduce insurance premiums for its member companies.
GREEN will offer workers compensation, general liability, and automotive liability insurance policies to qualified companies with combined premiums in excess of $250,000. The program is expected to be operational in the second half of 2007.
Companies that apply for membership to GREEN will be evaluated by Garnet Captive Insurance Services and Domani, based on factors such as risk profile, commitment to sustainability, and business needs.
For example, membership will be considered for companies that:
- Purchase or generate energy from renewable sources;
- Implement energy efficiency best practices;
- Set targets for reducing environmental impacts;
- Occupy LEED® certified buildings;
- Develop clean technologies and environmentally-friendly products;
- Provide services or products that support healthy lifestyles; and/or,
- Participate in environmental community outreach programs.
Membership in organizations that promote corporate citizenship, such as CERES and Business for Social Responsibility, and/or climate protection, such as the Chicago Climate Exchange or EPA Climate Leaders, will also be considered in evaluating potential members.
Domani will help evaluate membership applications based on the above criteria. The firm will also develop models to quantify relationships between sustainable business practices and insurance risks.
Once admitted to the GREEN program, Garnet Captive Insurance Services will work with member companies to manage the costs of retained risk through quality claims handling and risk reduction consulting.
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