Oil & Petrochemicals
Oil & Petrochemicals (O&P) insurance is designed to provide comprehensive property damage and time element coverages for the complex challenges presented by the O&P risks as well as related hydro carbon industries.
Who is it for?
Oil refinery petrochemicals, natural gas, terminals and all downstream hydrocarbon processing, including liquid natural gas.
See our Risk Appetite
Product Details
Capacity: Up to US $750 Million limit.
Risk Types
Oil & Petrochemicals
All types of O&P risks including:
- Pipelines
- Gas and crude oil Processing plants
- Terminals and tank farms
- Refineries
- Petrochemicals
- Ammonia plants
- LNG and LPG plants
- All other hydro carbon plants including gas to liquids
Ancillary Coverages
Coverage can be extended to include:
- Contingent Time Element covering key customers and suppliers
- Denial of Access
- Ingress Egress
- Increased cost of Construction mandated by ordinance
- Interruption by Civil Authority
- Miscellaneous construction and revamp
- Service interruption
- Other exposures unique to your facilities
Why choose Oil & Petrochemicals insurance from AIG?
Engineering
- Our engineers provide resources and expertise with significant international experience and local market knowledge.
- Most of our engineering staff previously worked in the hydro carbon industries in which we specialize. They are involved in numerous professional associations and they are familiar with professional standards such as API and NFPA to assist our clients.
- We also have our own O&P valuation engineer.
Underwriting
- Largest onshore oil and petrochemical writer in the world with gross premiums exceeding $1.5 Billion in 2018.
- AIG EER O&P is a respected leader and we participate on programs for most of the major oil, gas and petrochemical companies worldwide.
- We have written oil, gas and petrochemical property programs for 80 years.
- The majority of our underwriters have spent an average of 15 years in the insurance industry.
- Two-thirds of our property underwriters and managers are former industry engineers.
Risk Engineering
We provide value-added loss control services from the planning and construction phases for new construction through the operational ongoing loss control. Risk engineers are located worldwide and conduct risk assessment surveys and loss control inspections that analyze the unique exposures associated with O&P risks.
This includes analysing exposures from the perspective of traditional perils such as fire and explosion as many of our hydro carbon facilities have significant vapor cloud explosion potential. Maintenance, pipeline corrosion and integrity and other process safety management concerns whether from a hardware or management practices view point are examined.
In addition other exposures such as natural perils (e.g. earthquake, flood and windstorm, etc.) as well as location specific conditions are evaluated.
More Information
To learn more about AIG's capabilities in this field, please email Chris.Halm@aig.com