Ironshore expanding its Professional Indemnity offerings through Pembroke Syndicate

Pembroke Syndicate 4000, the UK subsidiary of Ironshore Inc, recently issued an announcement that it would begin offering a new PI insurance product to the global gas and oil industry.  Underwriters from Ironshore’s global risks platform will be underwriting the coverage.

The highly specialised business insurance will offer coverage to professionals who operate across the entire gas and oil industry, which will include such divisions as refining, support, and processing services on shore in addition to offshore production and exploratory drilling.  The new insurance offering can also cover such related exposures deemed high-risk in regards to Property Damage and Bodily Injury, Pollution, and Consequential Loss.

Danny Clack, resident geology expert for Pembroke, will be leading the Gas and Oil initiative.  Specialising in gas and oil plant processing projects, oil terminals, and oil refineries across the globe, Clack has a long history of serving as an environmental consultant for more than a decade.

Ironshore International’s CEO Mark Wheeler commented on the new offering, stating that the gas and oil sector must demonstrate much more global awareness in regards to substantial loss potentials, something the unforeseen incidents that the recent oil spills in the China Yellow Sea and the Gulf of Mexico have shown.

Pembroke’s new commercial insurance product will provide a broad range of gas and oil industry firms, including the fields of gas and oil field systems development, offshore storage and loading systems, sub-sea exploratory efforts, marine surveys, general chemical processing and engineering, and floating production to name a few.  While the policies will be underwritten for annual periods on a claims-made basis, there will be specialised coverage will be made available for various exposure risks  on a case-by-case basis.

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