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.
AIG can underwrite any corporation or individual with an interest in an offshore or upstream oil and gas venture.
Land Rigs and Miscellaneous Property
Hull, Machinery, etc.
Covers Mobile Offshore Drilling Units (MODUs) such as:
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
Operator’s Extra Expense (Control of Well)
Additional coverage, available by endorsement, expand coverage to include:
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
The Platform Form which is similar to the London Standard Form, is typically used.