ACE Launches New Offshore Policy for Oil/Gas Industry Liability Exposures

October 1, 2009

ACE Europe announced the launch of its new oil and gas industry policy. ACE said the product is “aimed at both manual and non-manual trades engaged in the upstream sector,” and that it has been extended and adapted to address a raft of new liability exposures facing offshore oil and gas contractors.”

The new product addresses specific oil and gas industry issues, “such as the widening of its offshore contractual liability cover to minimize the need for firms to refer ‘hold harmless’ agreements to ACE,” said the bulletin.

ACE’s revamped product will also “ensure that employees based overseas with a UK contract of employment are automatically included within its Employers Liability cover. In addition, emerging exposures such as corporate manslaughter defense costs, product recall expenses and onshore environmental liability have been automatically included in the policy.”

Gordon Scouller, ACE’s Corporate Casualty Product Development Manager explained: “Over the last five years we have provided the sector with cover for the range of risks they face backed up by our market-leading underwriting expertise and knowledge base in the provision of multinational insurance solutions.

“However, the sector now faces volatile market conditions so we have responded by enhancing our protection to reflect their evolving needs. Through the ongoing dialogue we have with clients in the market, we have been able to offer a product that will fulfill industry requirements both now and in the future.”

Source: ACE European Group – www.aceeuropeangroup.com

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