DOMANI and Garnet Develop First Insurance Program for ‘Sustainable’ Companies
May 15, 2007; Denver, CO—DOMANI Sustainability Consulting, a leading executive management consultancy, and Garnet Captive Insurance Services, a leader in designing 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 innovative insurance program, called ‘GREEN,’ is expected to significantly reduce insurance
premiums for its member companies.
“We believe that companies that have demonstrated a commitment to sustainability should have lower insurance risks,” said Andrew Cavenagh, President of Garnet Captive Insurance Services. “We expect that the positive impact these companies have on their corporate cultures can translate into lower insurance liabilities, including stronger employee safety records.”
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:
1) Purchase or generate energy from renewable sources;
2) Implement energy efficiency best practices;
3) Set targets for reducing environmental impacts;
4) Occupy LEED® certified buildings;
5) Develop clean technologies and environmentally-friendly products;
6) Provide services or products that support healthy lifestyles; and/or,
7) 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.