CASUALTY INSURANCE ACE OFFSHORE INSURANCE FOR CONTRACTORS AND SUPPLIERS TO THE OFFSHORE OIL & GAS INDUSTRY
The offshore oil and gas industry might be mature but it remains dynamic, offering fresh opportunities and challenges to anyone working within it. Asia Pacific companies involved in the industry have earned a worldwide reputation for their ability to provide innovative solutions to the problem of extracting oil and gas in often hostile environments. 0
COMPETING IN A GLOBAL MARKET If you work as a contractor, or provide goods or services to the offshore oil and gas industry, you will know how important it is to have the support of a trusted and financially secure insurance partner. At ACE, we have been underwriting offshore oil and gas liability risks for many years across the globe and have become known as a market leader in the sector. We have partnered with many of the industry s leading companies and contractors and have grown along with them. We provide a broad, market-leading product designed in collaboration with leaders in the field, to give you and your employees peace of mind while you get on with what you do best running your business. The Insurance ACE s insurance package is designed especially for your industry to offer employers liability and bespoke public liability and products liability, with specific extensions available. When you are insured by ACE, your broker will have direct access to underwriters with local authority, recognised for their knowledge and expertise. We provide: Wide offshore contractual liability wording Contingent liability for subcontractors Contingent liability for watercraft Consequential loss and legal defence costs Workers compensation with Employers liability, including offshore Cover for manual and non-manual trades Recall expenses Vendors indemnity extension Onshore and offshore pollution cover for contractors Financial loss cover for advice/services provided without a fee Pollution As a direct response to requests and feedback from the industry, we can now offer environmental impairment liability for contractors working offshore and those providing onshore services to the oil and gas sector. We can offer limits of indemnity of up to US$5 million. Contract review We know that business in this sector is hard enough, without having to worry about the finer points of indemnity clauses and the impact of liability insurance policies. Hence, we have partnered with Kennedys to offer ACE customers an exclusive contract review service. The new service will offer guidance through the complex area of oil and gas contracts. We have negotiated a significant discount on the standard billable rates with both companies. See our website for more details. Multinational capabilities We are a global insurer and one of the few insurers operating in this arena to offer clients a truly worldwide, locally compliant, insurance programme. If you are insured by us, you will gain access to ACE Worldview, an award-winning software solution, which allows you to monitor the real-time payment of premiums and claims in territories around the globe. Risk management We have a team of casualty risk engineers throughout the Asia Pacific, with specific industry expertise, who can provide a range of services to clients including: Risk mitigation Defensibility Risk mapping Assistance with health and safety management Occupational risk engineering partnerships We also offer a full range of onshore property risk engineering services. 3
INSURING OFFSHORE RISK WORLDWIDE Working with ACE ACE offers insurance solutions to a diverse array of clients. We have successfully blended the knowledge of our local markets with the worldwide perspective of a global organisation. We trade through a select group of brokers, and work hard to achieve close relationships with each, offering a prompt and valued service. Flexibilty Flexibility is a key feature of our proposition. Policies can usually be written on either a stand-alone or package basis to suit your needs. As well as liability cover, we can arrange additional covers. These include: Property Personal Accident and Business Travel Terrorism Professional Indemnity Marine Energy Data Protection and Cyber Crime Directors & Officers Liability Employment Practices Liability Environmental Impairment Liability for Premises Service ACE Offshore gives you access to our global servicing network. We have local experts and local facilities for policy issuance and proof of cover, claims handling and risk management services. This service and knowledge are available through two key tools: Our underwriters are highly rated for their knowledge and expertise. Flexibility combined with high levels of underwriting authority at branch level allow our underwriters to find solutions to underwriting challenges. Brokers have direct access to the underwriters making the decisions and can ensure a full understanding of the risk and the issues faced by the client. We are proud of our people, their integrity and their professionalism. Our claims teams settle non-complex losses quickly with a minimum of paperwork, whilst with larger, more severe or complex losses we seek to work closely with the insured or the broker to provide a consistent, prompt and equitable settlement within agreed service standards and time frames. Significant investment in the latest technology has enabled us to harness market-leading electronic document handling, creating significant efficiencies in quotations, swift and accurate policy issuance and claims handling. With a regional network of offices in Australia, China, Hong Kong, Indonesia, Korea, Macau, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam, ACE is ideally placed to serve all sizes of company in all areas. MAX our Multinational Account exchange, which puts control and structure around communications across our global network, specifically the issuing and servicing of local policies. These protocols enable us to provide a consistent standard of service with immediate information and control available should a local problem occur AIM ACE Interactive Map a tool that overlays clients international operations with our global servicing network to provide information on local insurance practice and regulatory requirements. 4
Driven by economic and industrial development and higher living standards, energy demand in the Asia Pacific region is expected to almost double by 2035, accounting for more than half of the planet s consumption. Source: http://www.spe.org/events/apogce/2015/pages/about/
CONTACT US ACE Insurance Limited 138 Market Street #11-01 CapitaGreen Singapore 048946 Tel: (65) 6299 0988 Fax: (65) 6298 1055 www.acegroup.com/sg About ACE in Singapore ACE Group is one of the world s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. ACE s core operating insurance companies are rated AA for financial strength by Standard & Poor s and A++ by A.M. Best. ACE, via acquisitions by its predecessor companies, has been present in Singapore since 1948. ACE in Singapore (ACE Insurance Limited) provides risk management and underwriting expertise for all major classes of general insurance, including Property & Casualty, Marine, Liability, Financial Lines and Group Personal Accident insurance. Over the years, ACE in Singapore has established strong client relationships by offering responsive service, developing innovative products and providing market leadership built on financial strength. The company has been assigned a financial strength rating of AA-/Stable and the highest ASEAN credit rating of axaaa by Standard & Poor s. It has also been awarded the Singapore Quality Class STAR (SQC STAR) and Singapore Service Class (S-Class) certification for achieving all-round business excellence and high levels of service respectively by SPRING Singapore, the national standards and accreditation body. ACE insured means being protected by one of the world s leading insurance companies with people who understand your risks and go out of their way to help. This product is underwritten by ACE Insurance Limited. Please refer to the policy contract for the full details of benefits, terms and exclusions that are applicable. The information provided in this document is a brief summary for quick and easy reference. The exact terms and conditions that apply are stated in the policy contract. 2015 ACE Group. ACE, ACE logo, and ACE insured are trademarks of ACE Limited. Coverages underwritten by one or more companies of the ACE Group. 08/15/V1 0