ACE Offshore Offers New Insurance Solution to Oil & Gas Contractors
ACE Group today announced the launch of a new insurance solution for contractors and suppliers as it expands its offering to the offshore oil and gas sector. “ACE Offshore”, which has been enhanced in response to direct feedback from companies operating in the sector, provides comprehensive protection to these businesses and now includes market-leading pollution cover.
Exploration and production companies have traditionally retained the pollution risk; however contract terms requiring contractors to bear a portion of this risk are increasingly common. ACE Offshore responds directly to this need for contractors’ pollution cover and offers environmental impairment liability insurance to this important part of the offshore oil and gas industry.
In addition to this innovative pollution cover, ACE Offshore provides contractors and suppliers to the offshore oil and gas industry a number of enhanced features, including:
- Accident & Health cover for post-traumatic stress disorder suffered following an accident offshore
- Legal expertise, including a contract review with a professional from a leading offshore law firm, designed to guide clients through the complex area of oil and gas contract indemnity clauses
- Multinational cover through ACE’s operations in 53 countries worldwide
Mark Roberts, UK & Ireland Casualty Manager, at ACE, said: “We have been working with the offshore oil and gas industry for decades and we understand the challenges, frustrations and ever-changing set of risks it faces. Our enhanced ACE Offshore product, and in particular its new pollution cover, is a great example of how we are leading the way in developing pragmatic solutions to the evolving risk environment the industry faces.”
David Robinson, Regional President, UK & Ireland at ACE, said:
“It is now a year since we established an operation in Aberdeen, the centre of the UK’s oil and gas industry. Our local branch manager Jim Rutherford and his team have been instrumental in gathering the direct feedback from brokers and customers and working with ACE colleagues locally and throughout our global network of expertise, to provide the right cover for this crucial sector of our economy.”
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
Press Release, November 20, 2013