Ironshore Inc. announced that its U.K- based Pembroke Syndicate 4000 has introduced a Professional Indemnity product to provide comprehensive coverages for the Oil & Gas industry worldwide. Coverages are underwritten through Ironshore’s International platform for global risks, as well as for U.S.-domiciled entities.
The Professional Indemnity specialty insurance product offers coverage for professionals operating across the entire oil and gas industry spectrum, including offshore exploration and production as well as onshore refining, processing and support services. The product can also encompass coverage for related high risk exposures, such as Pollution, Bodily Injury and Property Damage, and Consequential Loss, subject to underwriting review.
Pembroke’s resident expert geologist, Danny Clack, will lead the Oil & Gas initiative. Prior to joining Pembroke, Clack served for more than ten years as an environmental consultant, specializing in oil refinery, oil terminals, and oil and gas processing plant projects worldwide.
“Recent oil spill disasters in the Gulf of Mexico and China’s Yellow Sea have heightened awareness of the significant risk exposures surrounding such unexpected incidents, and the potential for significant loss within the oil & gas sector on a global basis,” said Mark Wheeler, Chief Executive Officer of Ironshore International.
Pembroke’s Professional Indemnity product provides coverages for firms providing services in a wide range of Oil & Gas industry fields, such as sub-sea exploration, oil and gas field development systems, floating production, storage and offshore loading systems (FPSOs), oil and gas transport, on-shore refining and process plants, marine surveying, and general process/chemical engineering among others. Specialty coverages for risks relating to various types of exposure are available on a case-by-case basis. Policies are underwritten on a claims-made basis for annual policy periods.
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