AIG in Europe has announced the launch of an enhanced oil and gas product offering increased limits and cover and stronger specialist loss control services.

According Oil & Gas UK, a fresh wave of investment in the next few years will boost output in the sector from 1.5m barrels of oil a day to 2m. This surge in activity is being driven by a combination of higher oil prices and the extension of small-field tax allowances.

While the oil and gas sector is heavily represented in Scotland, these companies increasingly have assets and operations all over the world, and will require a combination of global capability and local experience and support. Meeting this need is at the core of AIG’s new cover, which was designed specifically for the Scottish oil and gas sector and based on local experience of North Sea exposures.

“Every aspect of our cover was created and is managed by teams in Scotland – from sales, underwriting and claims handling to loss control services,” said Ross McLeod, Regional Underwriting Manager at AIG in the UK.

“This, combined with the fact that we have the largest owned overseas network in the industry – with offices in over 120 locations worldwide – means we are well positioned to service the needs of this truly global sector today and to help address the challenges it will face in the future.

“When losses in the oil and gas sector occur they are often severe, so we have increased limits across our key lines of business to better reflect the nature of the risk,” said McLeod. “We now have the appetite and the authority to underwrite offshore Employer’s Liability business up to a £15m limit; our inclusive Crisis Management limit has been increased 150% to tailor the cover to respond to the worst case scenario should it arise; and our Employee Related Accident Benefits now reflect the more hazardous nature of the industry.”

“In addition our loss control engineers and underwriters have been provided with industry accredited training so we can now service our clients’ needs on the rig if necessary. Policy holders also have access to ‘Human Focus’ – a RoSPA accredited online health and safety training system, which can complement the clients own delivery of their training needs.”

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