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Member, Beacon International Group, Ltd.
Willis Energy has announced an insurance facility covering the process of decommissioning offshore oil and gas platforms.
Its new Offshore Dismantling & Removal Insurance Facility focuses on risks specific to these projects, including contractual liability exposures as well as seepage, pollution and contamination risks, said the division of Willis Group Holdings P.L.C. in a statement Friday.
“Dismantling and removing large offshore platforms, particularly those located in inhospitable environments, is a serious operational and logistical challenge,” said Chris Dear, managing director of Willis Energy, in the statement. “But increasingly legislation compels companies to do this. As a result, energy companies face a number of significant risks, including seepage and pollution and complex contractual liabilities.”
The policy can cover the removal of one platform as well as all structures and related property in a field, including subsea equipment and pipelines. Coverage will be subject to a minimum per-occurrence deductible ranging between $500,000 and $750,000, and premiums will be based on individual projects.
For more information, contact David Hallows, executive director, at david.hallows@willis.com.