Marine, oil and gas contractors

Advanced risks need advanced expertise

No matter how big (or small) your exposure, we’ve got you covered

The marine, oil and gas sectors have always incurred complex insurance requirements even for SME vendors. AIB has a broad client base in these industries covering from divers, manufacturers, surveyors, HR staffing vendors and other specialist vendors. With this experience, we can help you make sure all your bases are covered AND, we’ll tailor your insurance options based on the size and complexity of your exposure. 

SEE CASE STUDIES

Don’t take our word for it, see our case studies

01
Freelance marine workers
A leading NDT company engaged us to negotiate with insurers to cover freelance workers who would not be covered by the traditional Work Injury Compensation Act.
03
Marine contractors
An offshore marine construction company with operations in the Maldives engaged AIB to ensure they had adequate coverage for machine-related risks. This includes machines at work, at rest and during maintenance.
02
Marine surveyors
A rapidly growing subsea surveying firm was struggling to find an insurer that would cover sonar equipment used underwater. By tapping into AIB’s network we were able to find an insurer that would cover all machinery types.
04
Manpower supply
An international oil and gas company who was engaging ad hoc manpower supply trusted our experienced brokers to design a customised and comprehensive policy that protected them from costly accidents and health-related claims.
05
Equipment manufacturing
A manufacturer of oil well Christmas trees and wellhead equipment had difficulties obtaining adequate product liability insurance. We found an insurer who would give them the coverage they needed.
06
Differentiated local requirements
A marine inspection services firm had unique insurance needs for each of their overseas subsidiaries. As a Blanket Regional Policy was not possible, AIB worked with partners in the respective countries to ensure the firm received appropriate coverage while adhering to each territory’s insurance regulations.
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Key risks to insure

The marine, oil and gas industries are no stranger to insurance risk. However, the businesses who service these sectors are putting themselves in danger if they don’t obtain their own contractors’ insurance to mitigate the growing industry risks. 

Our insurance solutions

With five decades of experience supporting marine, oil and gas contractors, our brokers are well equipped to help you negotiate policy terms that suit your individual risk exposure.

Environmental liability insurance
Contractors need coverage against any sudden or gradual environmental incidents that may occur while working at third party job sites, including any accidents that cause incidental air, water or land pollution or biodiversity damage.
Performance bonds & security deposits
A performance bond can be issued to another party and serve as a guarantee against that party's failure to meet their contractual obligations. Contractors will often come across these bonds in government tender projects and with some MNCs.
Commercial general liability insurance
General liability offers contractors comprehensive protection against any unexpected bodily injuries or property damage claims, including catastrophic events, so contractors can continue to honour contractual obligations without interruption.
Travel & medical insurance
Having comprehensive travel insurance is crucial to ensuring the safety and wellbeing of employees as they venture overseas to work on vessels. With many uncertainties related to travel today, travel insurance should be a priority for any company.
Work injury compensation insurance
As an employer, you are liable to compensate employees if they sustain workplace injuries, including loss of wages. Under the Work Injury Compensation Act, it's a legal requirement for you to purchase insurance for all workers earning S$2,600 or less a month.
Professional indemnity insurance
Some international clients may require contractors to have professional indemnity insurance before entering into a partnership with them. Professional indemnity protects companies from claims arising from unforeseen service mistakes or errors.

Need a quote?
Have a question?

Kelvin is here to assist.

Kelvin has over 15 years of experience in the insurance business and comes from a civil engineering background. Kelvin has expertise in specialised risks for marine, offshore, and oil and gas contractors, as well as speciality liability experience in healthcare and pharmaceutical. 

CONTACT Kelvin