What is Oil and Petrochemicals Insurance?
AIG Canada’s energy solutions are built specifically for companies operating in the oil and gas sector including producers, midstream and storage, pipelines and terminals, oil refineries and petrochemical complexes to help manage challenging exposures inherent in the energy industry. Canadian energy companies may be assured that protection through AIG Energy for their facilities may result in a better bottom line. AIG Canada’s Onshore property coverage can provide reliable protection for virtually any onshore property risks. With expertise derived from AIG’s longevity in the market, customized insurance solutions, and support from our best-in class loss prevention and claims staff, Canadian energy companies are well positioned to meet traditional, as well as new and emerging risks.
Why does your organization need Oil and Petrochemicals Insurance from AIG?
- Available limits among the highest in the industry
- Flexible and tailor-made programs
- Underwriting, engineering, loss control, and claims services provided by energy industry specialists located worldwide
- More than 50 years of experience as an energy insurance market leader
What does AIG Oil and Petrochemical (O&P) Insurance cover?
- Onshore Physical Damage
- Business Interruption and other types of Time Element extensions
- OIL wraps
The AIG Advantage
Captives / Multinational Expertise
- Provides clients with world-class multinational expertise consistently and seamlessly via AIG’s global network
- Works with clients to create fronting programs to enable risk retention through a client’s own captive insurance or reinsurance company
- Enables clients to experience captive benefits by “renting” a segregated cell within one of AIG’s sponsored cell facilities
- Delivers service globally while also enabling Canadian clients to address risks with insurance and/or captive alternatives Risk Engineering
Specialized Underwriting
- Delivers customized programs of coverages and risk engineering services tailored to protect against clients’ complex and specific onshore risks, as well as property damage and business interruption
- Employs multidisciplinary property risk engineers with deep industry experience to help clients mitigate catastrophic and business interruption losses, and provide risk management assessments and best practices
- Deploys underwriting and risk engineering teams to provide customized solutions to address Canadian energy companies’ specific and complex risks
Claims Promise
- Advances clients up to 50% of an agreed loss estimate within 7 days – after coverage is confirmed – for property damage and repairs, clean-up costs, and extra expenses
- Supports Canadian clients with dedicated AIG property claims professionals – not a third party
- Works transparently with Canadian energy companies to enable understanding of the claims process and how AIG works to resolve issues, while also deploying energy claims specialists worldwide
- Provides Canadian clients with the claims expertise and support needed to help them recover from losses as soon as possible