Offshore and upstream energy property insurance and related coverage that provides protection to oil and gas companies in the event of damage to an offshore oil rig or drilling facility.
Who is it for?
AIG can underwrite any corporation or individual with an interest in an offshore or upstream oil and gas venture.
What is covered?
Land Rigs and Miscellaneous Property
- Coverage encompasses land rigs and miscellaneous property used in the exploration and development of hydrocarbons. Examples include contractor’s equipment, scientific and sampling instruments, diving equipment and remotely operated vehicles
- Coverage may be written on Oil Rig forms and/or acceptable London forms
- Oil Rig can structure “package” programs, including multiple offshore coverage, to fit individual needs and insurance requirements
Hull, Machinery, etc.
Covers Mobile Offshore Drilling Units (MODUs) such as:
- Drill ships
Coverage is typically written on the London Standard Drilling Barge form (LSDBF) or the Institute Time Clauses Hull/American Institute Hull form with amendments
Business Interruption/Loss of Production Income
- Written in conjunction with our Offshore Physical Damage coverage
Operator’s Extra Expense (Control of Well)
Additional coverage, available by endorsement, expand coverage to include:
- Redrilling expense
- Seepage and pollution
- Underground blowout
- Coverage for property of others in the insured’s care, custody and control
- Evacuation expenses
- Removal of wreck and making wells safe
Coverage is written on a limit of liability basis with a combined single limit for each occurrence including extension endorsements to the basic Control of Well coverage
Offshore Physical Damage
- Fixed offshore drilling, production and accommodation facilities
- Subsea equipment
- Offshore loading buoys
The Platform Form which is similar to the London Standard Form, is typically used.