Covers Unique Risks Faced by Homeowners Generating Their Own Power
Provides Added Layer of Protection for Eco-Landscaping
NEW YORK--(Business Wire)--
Lexington Insurance Company, an American International Group
company, today announced LexElite Eco-Homeowner(SM), insurance for
homeowners generating their own power using geothermal, solar or wind
systems. LexElite Eco-Homeowner also provides industry-leading
coverage for eco-landscaping, plantings used to provide shade or
influence wind movement to reduce heating and cooling expenses.
LexElite Eco-Homeowner, available as an endorsement to the
LexElite(R) homeowner policy, responds to the unique risks faced by
homeowners who generate their own power and feed surplus energy back
into the local power grid. If a homeowner's alternative-energy system
has a covered outage, LexElite Eco-Homeowner will protect the
homeowner against lost income generated from selling surplus energy
back to the local energy company and will cover the extra expenses
incurred to purchase replacement electricity. LexElite Eco-Homeowner
also covers expenses for inspection, re-connection or permitting fees
assessed by a utility or governmental authority when the homeowner's
alternative energy system is brought back online.
In addition, LexElite Eco-Homeowner enhances the coverage for
eco-landscaping. Plantings considered eco-landscaping will be covered
at 10 percent of the aggregate limit of the home, double the limit of
a typical homeowner policy. The policy also increases the per-tree
sub-limit from $500 to $5,000.
"Homeowners generating their own power are at the leading edge of
the environmental sustainability trend and need leading edge insurance
coverage for their unique exposures," says Dave Valzania, Vice
President, Personal Lines, Lexington Insurance Company. "LexElite
Eco-Homeowner fills the gaps in a traditional homeowner's policy by
addressing concerns specific to alternative energy conscious
homeowners."
LexElite Eco-Homeowner is the latest of Lexington's EcoSurance(SM)
insurance products. In November of 2007, Lexington introduced Upgrade
To Green(SM) Residential, coverage that allows a homeowner to rebuild
their property to "green" standards following a covered loss.
For more information on LexElite Eco-Homeowner, contact David
Valzania, Vice President of Personal Lines, Lexington Insurance
Company, at (617) 330-4419 or David.Valzania@aig.com
American International Group, Inc. (AIG), a world leader in
insurance and financial services, is the leading international
insurance organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Paris and Tokyo.
Insurance and services provided by Lexington Insurance Company and
its affiliates. Issuance of coverage is subject to underwriting review
and approval. The description herein is a summary only. It does not
include all terms, conditions and exclusions of the policies
described. Please refer to the actual policies for complete details of
coverage and exclusions. Non-insurance services may be provided
through independent third parties. Coverage may not be available in
all jurisdictions. As a surplus lines insurer, Lexington Insurance
Company does not generally participate in state guaranty funds.
American International Group
Peter Tulupman, Public Relations Manager
212-770-3141
Copyright Business Wire 2008
