The oil and gas industry is a vast and multifaceted sector that is essential to the economy. As such, it includes a great many industrial facilities, functional units and processes. Facilities are distinguished not only in terms of function (clearly, the risks associated with a pipeline differ in magnitude and nature from those associated with a distillation column), but also the fact that each project is unique (no two refineries in the world are identical). For this reason, it is extremely difficult to devise a standard insurance policy for oil and gas companies. On the contrary, an insurance program must be designed for a specific facility. And yet there are certain things you need for quality insurance, regardless of the specifics of the object of insurance, and these are professionalism and adherence to the highest standards. This is true for underwriters, who develop insurance programs, and for loss settlement specialists, who must fulfill the obligations of the insurance company to the customer quickly and efficiently
The oil and gas industry is associated with a huge variety of technological processes involving a variety of functional units including pipelines, tank farms, pumping stations, processing plants and much more. From the insurance point of view, the main features of such facilities is increased fire load, the presence of equipment that operates at high temperatures or pressures, equipment with high-speed moving parts, etc. All of this causes a very high risk of fire and explosion, as well as breakdowns of machinery and equipment.
Thus, we believe that the basic element of a comprehensive insurance program should be insurance of the property of the complex, which includes three main components:
There are also more complex extensions and add-ons, such as coverage of losses due to downtime in the event of an accident suffered by a supplier. This includes not only suppliers of raw materials, but also power companies and suppliers of other necessary components related to the production process and consideration of the interdependence among several facilities, for example, when one plant supplies a raw material for another.
AIG has sufficient experience and professionalism to offer programs related to the production of hydrocarbons (for example, control-of-well coverage). These risks are developed in cooperation with centers of competence in the company’s foreign offices.
Oil and gas companies often present considerable risks for nearby operations, while the presence of hazardous agents and the scale of potential accidents make the risk of environmental damage particularly relevant. To account for these factors, AIG’s enterprise risk management system offers a number of liability insurance products that cover environmental damage, general liability and employer liability.
All-risk corporate property insurance is the best way to protect property against a multitude of adverse events. The client is insured against any type of events, except for exclusions specified in the policy. The list of exclusions is governed by the insurance rules and the policy.
The steadily growing international trade volumes and the increasing number of companies tapping into the global market require the cargo owners’ scrupulous attention not only to the scope of coverage, but also to the quality of services rendered by an insurance company. In cargo insurance, the quality of claims settlement is the key indicator of the insurer’s performance.
Cyber threats can have serious consequences. Risks range from loss of information on a single laptop to threats posed by cloud computing. Businesses may also face issues regarding denial of service or defacement and disruption to their web presence.
AIG is the D&O market leader in Russia, having unrivalled experience in this field/ •Any breach of duties, mismanagement, negligence, omission, error, misstatement or misleading statement by the director or any officer. Coverage against: •Any actions performed by the director as part of his or her regularly assigned duties •Any duties performed by the director or any other officer while serving at an outside entity
Employers liability insurance against damage suffered by employees. Employer’s liability insurance protects the property interests of the employer against claims of bodily injury, fatal illness or illness of employees as well as property damage to employees in the course of performing their duties under an employment
Insurance of property owned by legal entities is a basic type of insurance. Nevertheless, long-time experience of AIG in property insurance makes us confident in our services and programs offered to clients with consideration for all details of their business and specifics of their assets.
Liability Insurance of Owners of Hazardous Facilities. AIG, JSC is a member of the National Union of Liability Insurers. AIG, JSC was granted a license for the provision of compulsory liability insurance to owners of hazardous facilities. Our underwriters are ready to consult on and assist in concluding compulsory liability insurance contracts
Fire, explosion and other perils such as water damage, windstorm and earthquake can cause serious property damage. These events pose a threat to structures, equipment, business continuity, and, most importantly, the lives of employees and the general public. Property site inspections by insurers are routinely conducted as part of insurance programs.
Professional indemnity insurance is especially important for the companies providing contracting and consulting services in different areas, as it offers protection against financial losses that may result from lawful liability to a third party
Business interruption insurance is not sold as a standalone policy. It can be added to a property insurance policy. The main objective of coverage is to protect the financial stability of the client during the suspension of business operations resulting from any unforeseeable property damage.
It can be hard to accept that your own staff might be stealing from you. Unfortunately, the truth is that it may be the most trusted and senior staff who have the knowledge to skirt round security and set up insidious, well-concealed fraud systems.
The insurance covers internal damage of production and electronic machinery. Extra Expense coverage (clean-up and removal of debris after the insured event, the payment service provider of professional experts, limiting In/Out, etc.).
Directors and Officers (D&O) insurance provides coverage to small and medium business leaders against claims made against its directors and officers as well as against the company in connection with financial losses alleged by: •Companies •Shareholders, employees •Other third parties (including competitors’ clients, etc.)
AIG offers a comprehensive insurance product that supports the insured’s property interests associated with injury to the environment and losses resulting from such pollution
This type of insurance protects the insured’s property interests connected with its obligations arising due to infliction of harm to third parties
Insurance of general civil liability for the goods produced, work performed, services rendered. Liability Insurance for Producers, Contractors and Service Providers
AIG insurance services: product recall insurance: protecting the company against financial losses. If your company is not insured, a product recall can bankrupt you or adversely affect your business in the future.
AIG offers insurance of property against the risk of Terrorism. Our capacities allow underwriting insurance against the largest risks with the benefit of reinsurance on the international market. Besides traditional types of insurance, AIG offers special types of insurance in Russia such as against crisis situations. AIG CJSC offers terrorism insurance under a separate classification. AIG insures property against terrorism.