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Member, Beacon International Group, Ltd.
Oil Casualty Insurance Ltd. has launched a line of risk property insurance for energy companies.
Offered on a direct and facultative basis, the coverage is available to refining and marketing, petrochemical and chemical, integrated oil, exploration and production, pipelines, utilities, and mining companies, the insurer said in a statement Monday.
OCIL is managed by Oil Management Services Ltd., which also operates Oil Insurance Ltd., a Bermuda-based mutual insurance company. While Oil Insurance also offers property coverage, Jerry Rivers, senior vice president and chief operating officer at OCIL, said there are many differences between the two separate companies' offerings. OCIL's new line is offered with substantially lower limits. A maximum capacity of $25 million is available as well as a minimum attachment of $50 million. In addition, OCIL's products are available to its shareholders as well as through a traditional policy.
For more information, contact Rolf Fischer, senior property underwriter, at rolf.fischer@ocil.bm.