is about to get a Fresh New Look! Check out our beta site »

We make selling dental and vision simple!
Women have a lot of reasons to plan for Chronic Illness Care.
Women have a lot of reasons to plan for Chronic Illness Care.
Women have a lot of reasons to plan for Chronic Illness Care.
Click here to see this article in our upcoming redesigned website

Willis Group Holdings Launches New Insurance Facility to Cover Offshore Decommissioning Risks

PR Web

London, UK (PRWEB) December 14, 2012

As many oil and gas installations reach the end of their productive life, the energy industry faces new risks associated with decommissioning and dismantling these platforms, warns Willis Energy, a division of Willis Group Holdings plc (NYSE: WSH), the global insurance broker.

In the years ahead a significant number of offshore oil and gas platforms will be decommissioned. In the North Sea alone, for example, it is estimated that over the next few decades the total costs associated with offshore decommissioning could reach £30 billion (US$48 billion).

“Dismantling and removing large offshore platforms, particularly those located in inhospitable environments, is a serious operational and logistical challenge. But increasingly legislation compels companies to do this,” explained Chris Dear, Managing Director of Willis Energy. “As a result, energy companies face a number of significant risks, including seepage and pollution and complex contractual liabilities.”

“Major platform operators and leading insurance underwriters believe that the unique exposures arising out of these specialised projects require a bespoke insurance policy,” he continued.

To assist clients with these challenges and help them manage the risks arising from decommissioning offshore oil and gas platforms, Willis has launched an “Offshore Dismantling & Removal Insurance Facility”, in conjunction with a group of Marine and Energy insurers committed to underwriting this class of business.

The policy is designed to address specific decommissioning risks, including contractual liability exposures. The policy also covers seepage, pollution and contamination risks.

Willis has extended standard removal of wreck cover to also address the high profile “heavy lifting” risks unique to decommissioning projects. The policy also provides platform operators with extra cost and expense cover and, if required, physical loss and damage cover. Willis has also developed a risk matrix to help clients assess their exposures.

Dear added: “Members of the Willis team have designed Offshore Dismantling & Removal Insurance Programmes for some of the largest projects in the world. We firmly believe that, in conjunction with our Decommissioning Security product, our new Offshore Dismantling & Removal Facility places Willis at the forefront of risk transfer solutions for platform decommissioning activity.”

About Willis

Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at

Advisors Guide to Selling IUL

# # #

Read the full story at

Copyright:(c) 2012 PRWEB.COM Newswire


  More Newswires

More Newswires >>
  Most Popular Newswires

More Popular Newswires >>
Hot Off the Wires  Hot off the Wires

More Hot News >>

insider icon Denotes premium content. Learn more about becoming an Insider here.
Advisors Guide to Selling IUL