ACE Launches New Offshore Policy to Tackle Increasing Liability Exposure in Oil and Gas Industryadmin
ACE Europe has today announced the launch of its new oil and gas industry policy. The product, which is aimed at both manual and non-manual trades engaged in the upstream sector, 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 minimise the need for firms to refer “hold harmless” agreements to ACE. The new product will 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 defence costs, product recall expenses and onshore environmental liability have been automatically included in the policy.
Gordon Scouller, ACE’s Corporate Casualty Product Development Manager said: “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 fulfil industry requirements both now and in the future.”