Offshore oil and gas is a dynamic, rapidly changing industry. Companies are increasingly looking overseas as the more readily available oil and gas reserves in the North Sea decline.

At ACE, in addition to underwriting rig structures and companies involved with exploration, refining and power generation we have been, for many years, an established market for personal accident to contractors with offshore exposures. ACE Offshore takes this knowledge and experience and offers employer’s liability, public, products liability and property insurance together with full multinational insurance programme capabilities. It is aimed at companies with a turnover greater than £2 million.

Alongside the insurance product a unique software system has been developed that revolutionises the way companies working in the oil and gas industry report details of offshore employees.

Product Highlights

• Bespoke policy wording for the offshore industry;
• Up to £10 million primary or excess capacity for employer’s liability offshore;
• Wide offshore contractual liability extension minimizing the need to refer “hold harmless” agreements to us;
• A clear and precise definition of “offshore”;
• “Residual” employer’s liability insurance giving cover for overseas nationals employed, including any offshore work;
• Employees based overseas with a UK contract of employment automatically covered for employer’s liability;
• Manual and non-manual occupations covered;

Other covers available

As a predominantly casualty product, ACE Offshore optionally offers additional insurance for:

• Property and business interruption
• Marine cargo
• Breakdown & engineering covers
• Environmental impairment liability
• Personal accident and business travel
• Directors and officers liability
• Pension trustee liability
• Employment practices liability
• Computers and data protection

Information gathering

The collection of data regarding the rig location of offshore workers has always been a source of friction between clients and insurers. Having listened to our clients and their brokers, ACE Offshore clients can now choose to either:

• report employee rig visits in real time via the ACE Offshore website, or
• provide the information by quarterly historical declarations

In addition we now only require declarations in respect of North Sea and the Irish Sea operations.