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Member, Beacon International Group, Ltd.
BAGHDAD—Marsh Inc. and Anglo Arab Insurance Brokers have launched an insurance facility for inland oil rigs in Iraq.
The facility offers coverage for physical loss or damage to drilling rigs and associated equipment, machinery breakdown and third-party liability risks. The coverage applies to rigs from the moment they touch Iraqi soil and applies whether the rigs are in transit, in storage or in operation.
In a statement, Marsh and AAIB the coverage is flexible and can be tailored “to meet the specifications of one-shot well exploratory drillers through to larger contractors conducting significant drilling operations across Iraq.”
Other services provided
In addition to insurance coverage, the facility provides claims support and access to regulatory advice, the brokers said in the statement.
Marsh and Amman, Jordan-based AAIB entered into an http://www.businessinsurance.com/article/20101109/NEWS/101109914 exclusive agreement last year to provide insurance, risk management and claims services to companies in the energy, power and aviation sectors in Iraq.