Half of the senior executives surveyed by Ace Insurance expect environmental liabilities to rise in coming years, so the company’s Australia and NZ CEO, Steve Crouch, says he’s “rising to the challenge” of providing cover.

Under a new Ace initiative, industrial and commercial property owners will be able to replace damaged or destroyed buildings with green products.

The new “green” coverage allows property owners to comply with the Green Building Council’s ratings when they replace or repair buildings.

The cover can be used as a supplement to existing property insurance policies. It will mean buildings can attain green star ratings and owners can install green products such as water recycling, solar panels, insulation and even waterless urinals.