Sealed Introduces Residential Energy Efficiency Insurance Program
Encourages homeowners to pay for upgrades with energy savings
NEW YORK — Sealed announced the implementation of a residential energy efficiency insurance policy from the Hartford Steam Boiler Inspection and Insurance Co. (HSB), part of Munich RE.
This innovative program ensures the performance of Sealed's proprietary energy analytics, which both removes energy savings performance risk from homes that finance energy efficiency improvements and increases the confidence of third party capital providers.
Lauren Salz, co-founder and chief operating officer of Sealed said, "Our innovative program brings insurance to the residential energy efficiency market for the very first time, which will allow us to lower the cost of capital and provide the best possible value to our customers."
To develop the insurance program, Sealed worked closely with E-Capital Insurance Services. "Through this program, the obstacles to a homeowner implementing a comprehensive energy efficiency project are almost entirely removed. How can you say 'no' to improved home comfort and energy savings that are insured?" said Marshall Haimson, president of E-Capital Insurance Services.
Sealed calculates energy savings via patent-pending analytics that leverage machine-learning principles to accurately predict energy usage. These energy savings are used to finance energy efficiency improvements like insulation, air sealing, and HVAC upgrades via Sealed's HomeAdvance program in partnership with the New York Green Bank.
In addition to working with the New York Green Bank, Sealed is currently working with several utilities in New York as part of the state's Reforming the Energy Vision (REV) initiative, including National Grid, Orange & Rockland Utilities, and Con Edison. Sealed partners with local contractors to offer HomeAdvance financing to their customers. Collectively, these partners serve geographies that cover over 50 percent of New York homes.
HSB's Energy Efficiency Insurance product provides a financial and competitive advantage to contractors, building owners, and financiers. The coverage helps reduce their technical project risk exposure and balance sheet liability, while increasing confidence in their project's ability to deliver energy savings.
"Residential insurance products must be cost-effective and scalable," said Richard B. Jones, HSB senior vice president for engineering and research. "Utilizing HSB's portfolio underwriting approach to develop this new performance product, residential customers now have ready access to energy efficiency insurance that traditionally has been available only to large commercial and municipal customers."
For more information, visit http://www.sealed.com.
Publication date: 3/10/2017