Insurance broker and risk advisor Marsh and Arab Anglo Insurance Brokers (AAIB), have launched a new Iraq land rig insurance facility, in order to meet the specific insurance requirements of oil rig drilling contractors operating in Iraq.
The Iraq land rig insurance facility provides cover for physical loss of or physical damage to drilling rigs and associated equipment, machinery breakdown and third party liability risks, from the moment they touch Iraqi soil, whether in transit, storage or operation.
In addition to insurance cover, the Iraq land rig facility provides claims support through access to leading loss adjusters; and clients will be able to access advice on local regulatory requirements from Marsh and AAIB.
Entirely flexible, the facility can be tailored to meet the specifications of one-shot well exploratory drillers, through to larger contractors conducting significant drilling operations across Iraq.
Marsh’s Global Energy Practice managing director Simon Boxall said this facility enables all contractors, from small independents through to global firms, to pioneer the development of Iraq’s oil economy.