Energy Property Insurance

Why choose AIG Energy Property Insurance?

AIG provides brokers with specialized insurance solutions for their upstream, oil and petrochemical, chemical, power generation/renewables and mining clients’ property insurance needs.

  • Broad, flexible appetite; open to risks on a shared, layered or excess basis
  • Up to $500M in capacity for onshore business and up to $400M in capacity for upstream business available
  • Minimum premium of $100K for onshore business and $50K for offshore (oil rig) business

The AIG Advantage

Deep In-house Expertise

AIG Energy’s specialized underwriting and risk engineering capabilities provide flexible coverage solutions to address clients’ specific and complex risks.

AIG Property Claims Promise

Upon property damage coverage confirmation, the AIG Property Claims Promise provides working funds of up to 50% of AIG’s share of the agreed property damage estimate within 7 days 

Global Footprint with Local Knowledge

AIG Energy delivers service globally, with local expertise, enabling clients to address risks with insurance and/or captive alternatives.

  • Delivers customized energy property programs tailored to help protect against clients’ complex, specific onshore or offshore industry risks 

  • Employs multidisciplinary property risk engineers with deep industry expertise 

  • Partners with clients to provide risk engineering recommendations supported by claims and underwriting teams and robust data and analytics

  • Supports clients with one of the largest global networks in the industry, spanning approximately 70 countries and jurisdictions

  • Works with clients to create fronting programs that enable clients to manage their risks through a client’s own captive insurance or reinsurance company

  • Offers clients the ability to “rent” a segregated cell within one of AIG’s sponsored captive cell facilities domiciled in Vermont and Bermuda

  • Upon property damage coverage confirmation, the AIG Property Claims Promise provides working funds of up to 50% of AIG’s share of the agreed property damage estimate within 7 days 

  • Provides clients a supportive team of dedicated in-house claims professionals with an average experience of 20+ years 

  • Partners with clients to resolve claims in an efficient and effective manner, in accordance with the terms of the policy

Real-World Problem Solving

Benefit from our proven experience in working with customers and their brokers and agents to deliver successful outcomes.

Challenge

An energy client was struggling to address their cavern storage risk exposures.

Solution

After visiting the client’s site, AIG Energy’s risk engineers were able to provide a highly customized loss prevention plan addressing the client’s unique exposure.

AIG Benefit

The client was able to address their exposure with the help of AIG’s deep risk consulting knowledge and underwriting expertise.

Challenge

A mid-stream energy company was expanding internationally resulting in a need for a new energy insurer that could lead its property program, including multinational fronting.

Solution

AIG Energy provided a global property program structure consisting of primary coverage reinsured to the client’s rent-a-captive cell reinsurer.

AIG Benefit

AIG’s solution supported the client in finalizing their global expansion.

Challenge

A client suffered a catastrophic failure of a gas  turbine generator.

Solution

AIG Energy claims professionals were on site the next morning and were able to determine that the loss would be a covered claim.

AIG Benefit

Due to AIG’s Property Claims Promise, AIG was able to advance up to 50% of the agreed property damage loss estimate to support the funding to expedite the delivery of a new unit minimizing impairment to their operations.

Brokers: Meet Your AIG Team

View contact information for AIG’s national product and distribution teams.

Downloadable Materials

Filename
aig-energy-property-highlight-sheet.pdf
Size
156 KB
Format
application/pdf
Energy - Property Highlight Sheet

The scenarios described herein are offered only as examples. Coverage depends on the actual facts of each case and the terms, conditions and exclusions of each individual policy. Anyone interested in the above product(s) should request a copy of the standard form of policy for a description of the scope and limitations of coverage.