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Chemicals

There are over 200,000 chemicals that are listed under various regulations globally. The wide variety of chemicals and the different chemical processes involved in their manufacture pose unique risks to industrial facilities which manufacture these products.

Our specialized knowledge in insuring the chemical industry gained over many years of experience handling clients with complex insurance requirements put us in a position of leadership in providing customized solutions to a variety of insurance needs. The above, coupled with the fact that many of our underwriters have engineering backgrounds and some have past associations with the chemical industry assists us in understanding and minimizing the business insurance risks of our customers.

We can provide coverage at any step of the process for companies who manufacture, store or distribute organic or inorganic chemicals used in the manufacture of finished chemical or pharmaceutical products. Following are some of the more frequent chemical exposures we see.

  • Industrial inorganic chemicals
  • Industrial gases
  • Plastics materials and resins
  • Organic fibers and cellulosic man-made fibers
  • Pharmaceuticals
  • Paints, lacquers, varnishes and enamels
  • Industrial organic chemicals
  • Fertilizers, pesticides and other agricultural chemicals
  • Miscellaneous chemical products

AIG has been in the Oil, Gas and Petrochemical insurance business ever since the end of World War II. We followed our large multinational oil company customers overseas as well as being instrumental as a reinsurer of many state oil companies in addition to insuring private sector hydrocarbon companies around the world via the AIG international network which is the largest in the world.

We have worked with clients on virtually every kind of hydrocarbon project or facility imaginable ranging from onshore construction and operational including:

  • Onshore flow lines and separation units;
  • Distribution through pipelines;
  • Storage in tanks, terminals and underground caverns;
  • Processing of gas and oil in gas plants or refineries;
  • Cracking of gas condensate, naphtha, ethane, or propane to ethylene;
  • Further downstream petrochemical plants;
  • LNG plants;
  • Synfuel plants;
  • Gas to liquid plants.
Two thirds of AIG's underwriters have experience in the industry and the rest have an average over twenty year's experience in underwriting this line of insurance.
 
AIG - Energy has the largest limit capacity in the market, is a recognized leader in oil, gas, and petrochemical insurance be it construction or operational, on either a risk transfer or risk management basis and we can be instrumental in any program design.
 
We are also a multi-line insurance company with the largest worldwide network with capabilities and leadership in offshore Oil Rig, Control Of Well (COW) / Operators Extra Expense (OEE), Marine, Construction, Surety, Casualty, Management Liability, including Directors and Offices Liability (D & O) and Environmental insurance.

Rapid and dramatic changes have occurred in the utilities and power generation industry over the past few years as a result of deregulation and a move towards a competitive power industry. This has led to changes in the way utilities think about and handle their insurance and risk management programs. We can provide property, machinery breakdown and other insurances for most utilities and power generation risks, including:

  • Investor owned utilities
  • Merchant power plants
  • Independent power producers
  • Co-generation
  • Hydroelectric
  • Solar
  • Wind
We have a U.S. Dollar 200 million capacity that can be used in almost any insurance program structure. We can also provide coverage for business interruption and extra expenses associated with physical damage to insured property.

Erection All Risk and Contractors All Risks (EAR/CAR) insurance is designed to provide comprehensive material damage coverage for the myriad of risks that construction projects face from project conception through completion and beyond. The Construction Product Line underwrites all on-shore occupancies including:

Erection All Risks (EAR) of heavy industry including oil and gas, chemical and petrochemical, power generation, process industries, and other manufacturing occupancies.

Building/airports
Civil projects (including roadways, railways, subways, bridges, tunnels, dams and wet works).

Coverage can be tailored to include:

  • Operational Testing and Commissioning
  • Delay in Start-up
  • Transit and Off-Site Storage
  • Contractors' Plant and Equipment
  • Third Party Liability (non-US/Canada locations)
  • Maintenance Coverage
  • Professional Fees
  • Hydroelectric
  • Expediting Expenses
Construction Risk Engineering provides value-added loss control and prevention services during the planning, construction, erection and commissioning phases of a project. Risk engineers located worldwide conduct risk assessment surveys and loss control inspections that analyze unique construction exposures such as rigging, tunneling, transit and storage, testing and commissioning, exposure to partially completed structures from flood, windstorm, earthquake and fire, in addition to traditional areas of focus such as building code compliance and fire protection.