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Ironshore expands oil and gas coverage

Bermuda insurer Ironshore has expanded its pollution insurance offerings to cover emerging risks in the oil and gas sector.

Ironshore said yesterday its Environmental Insurance unit would expand the asset-class specific Site Pollution Incident Legal Liability Select (SPILLS) programme to address risk exposures within the oil and gas exploration and production sector.

Insurance protection will provide blanket coverage for upstream and midstream companies, including crude oil and natural gas wells, pipelines, compressor stations and processing facilities, among others.

The comprehensive coverage protects operators as well as non-operators of industry facilities, including private equity investors and other working interests in oil and gas operations.

Coverage is available for conventional and unconventional gas deposits, including gas contained shales, and protects against exposures associated with emerging issues such as hydraulic fracturing. SPILLS Oil & Gas programme is available throughout the US, including operations in the Marcellus Shale and Louisiana, and can be extended to cover water operations by endorsement.

SPILLS provides coverage for the remediation of pollution incidents, both on and off site, as well as claims for bodily injury and property damage associated with the broad range of environmental exposures facing this specialty market sector, such as claims or pollution incidents associated with hazardous spills and releases, contamination of groundwater or potable wells, air emissions, waste disposal and transportation. Further, coverage is provided for emergency response expenses and evacuation expenses.

Insurance protection also extends to pollution incidents caused by natural disasters as well as control of well events.

“Regulatory scrutiny has increased dramatically over the past few years as governmental oversight has resulted in new and expanded environmental regulations that directly impact the bottom line of oil and gas operations,” said John O’Brien, chief executive officer of Ironshore Environmental.

“The SPILLS Oil and Gas programme fills existing coverage gaps to protect against environmental exposures that are rarely covered under general liability or standard insurance products, thereby enabling operators to better manage unforeseen risk.”

Coverage limits are available from $1 million to $30 million.

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Published March 27, 2012 at 2:00 am (Updated March 27, 2012 at 9:52 am)

Ironshore expands oil and gas coverage

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