Source: http://www.businessinsurance.com, March 26, 2012
By: Mike Tsikoudakis
Ironshore Inc. said Monday that it has expanded its site pollution liability program with coverage for the oil and gas exploration and production sector.
The expansion of Ironshore’s Site Pollution Incident Legal Liability Select program offered by its environmental insurance unit will cover crude oil and natural gas wells, pipelines, compressor stations, processing facilities and others, the Hamilton, Bermuda-based insurer said in a statement.
Ironshore’s SPILL Oil & Gas program covers remediation of on-site or off-site pollution incidents, as well as bodily injury and property damage associated with various environmental exposures.
The program also covers operators and nonoperators of industry facilities, and exposures associated with hydraulic fracturing to obtain natural gas.
Ironshore said the expansion is in response to increased regulatory oversight of the oil and gas sectors.
Fills in gaps
“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,” John O’Brien, CEO of Ironshore’s environmental unit, said in the statement. “The SPILLS Oil & Gas program 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.”
The coverage, available nationwide, can be extended to cover water operations through an endorsement.