LONDON--(BUSINESS WIRE)--ACE Europe (NYSE:ACE) 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.”
Notes to Editors
Further policy additions include:
ACE European Group has established branch offices in 20 countries across Europe, Freedom of Services permission to provide insurance services to clients in 30 European countries and affiliates in Egypt, Bahrain, Pakistan, Russia and South Africa.
Part of the ACE Group of Companies, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com