MGA eyes Canadian oil and gas sector

MGA eyes Canadian oil and gas sector | Insurance Business America

MGA eyes Canadian oil and gas sector
A specialist lines underwriting agency is targeting oil and gas consultants with a new product offer that combines cover for financial loss from professional advice to injury and property damage from hands-on work.

CFC Underwriting – a Lloyd’s MGA specializing in niche product offers – announced the launch of O&G, its comprehensive insurance solution for a wide range of oil and gas professionals.

“Our new O&G cover fills a gaping hole in the insurance market for oil and gas professionals who are required to occasionally undertake manual work,” says Gary Norman, casualty practice leader at CFC. “As part of what is a complex and often hazardous industry they face a unique set of risks but until now have been overlooked by standard oil and gas policies. O&G addresses this with one fully comprehensive, tailored solution.”

According to Norman, O&G covers a broad range of oil and gas consultants including everyone from drilling consultants and well-site operators to welding inspectors and geologists.

“Traditionally many of these consultants have only purchased general liability insurance,” Andy Holmes, CFC's underwriting director, told Insurance Business. “Equally many professional liability insurers have very restricted appetites for those consultants that undertake any manual work.” (continued.)

read more > 1 2