Willis Towers Watson launches new insurance coverage for Oil and Gas Industry

Willis Towers Watson has launched Risk Protect, a tailored insurance and risk management solution for companies serving the global oil and gas industry. 

Risk Protect is an industry specific insurance policy wording, underwritten exclusively by Chubb, which addresses current and emerging risks in the oil and gas sector, from cyber security to supply chain interruption and terrorism.

The policy offers market-leading coverage for employer’s liability, public and products liability, property damage, and business interruption insurance. Specific extensions are available including (but not limited to): financial loss, product recall expenses, clean-up costs, onshore and offshore pollution coverage.

Based in Aberdeen, Willis Towers Watson’s local oil and gas specialists have teamed up with global insurer Chubb to offer the new solution that offers protection to any company that services the global oil and gas sector, for example engineering, manufacturing, IT services or catering companies.

Rosemary Wilson, Willis Towers Watson’s Regional Director for Scotland, said: “Risk Protect helps businesses control their costs without increasing their exposure to regulatory, safety and environmental concerns. It is designed to protect businesses in the long term, helping them overcome a variety of significant challenges wherever they operate in the world.”

She continued: “The oil and gas industry is currently facing huge external pressures, such as the sustained low oil price seen in recent months, which can force companies to make tough choices when evaluating their insurance coverage needs. Risk Protect offers them some relief, bringing flexibility to ensure they are protected where it matters most.”

Wilson concluded: “By truly understanding risk and embedding effective risk management throughout their entire organisation, we think our clients can actually realise significant new commercial opportunities.”