ProSight Specialty Insurance is expanding its reach in the energy market with the launch of three new insurance programs designed for the business needs and exposures of solar energy contractors, propane and fuel dealers, and oil and gas contractors.
The “suite” of customer-tailored products provides differentiated underwriting, safety and loss prevention options, and claims management services to help reduce the frequency and severity of claims.
According to the U.S. Census Bureau and the Energy Information Administration, U.S. natural gas production will rise an estimated 44 percent over the next 30 years and non-hydropower renewables will increase by 4.1 percent in 2014 , which are clear indicators of industry-wide growth, said Mary Hughes, president, Construction/Energy, ProSight.
Features of the new programs include:
Propane and Fuel Dealers – provides fuel oil and propane dealers, distributors and transporters with a broad range of coverage designed to address all aspects of the delivery system, including failure to supply, misdelivery and a proprietary pollution enhancement. Property enhancements are also offered and include increased limits on pollutant cleanup, tank coverage/leakage, and gas/oil contamination coverage. Together with Tangram Insurance Services, this program offers risk-specific underwriting and claim handling, including expert environmental risk consulting on regulatory requirements in the event of a spill.
Oil and Gas Contractors – ProSight and Alliant Specialty have designed an exclusive oil and gas contractors program serving oil, gas, and water drilling contractors, oilfield trucking companies, and suppliers. The offers specialized coverage that includes underground resources and equipment, down hole tool coverage, and testing errors and omissions coverage. Exclusive to this program is ProSight’s cost of iron equipment endorsement. It can provide up to 150 percent of the equipment’s scheduled limit in cases where there is a total loss and equipment has appreciated.
Solar Energy Contractors – The program responds to the rapid growth of clean energy sources and addresses risks and exposures associated with the design, installation and maintenance of projects for the commercial, residential (30 percent or less of total work) and industrial solar energy contractor. Expanded coverage includes equipment installation and corresponding electrical work, as well as operational maintenance and repair, which considers the contractual obligations of contractors involved in various phases of a solar project’s life cycle. Alesco Risk Management Services Limited, a global energy industry company focused on solar energy contractors, has teamed with ProSight as an exclusive distributor for this program.
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