Marsh and AAIB launch Iraq oil rig facility

Marsh and Arab Anglo Insurance Brokers (AAIB) have launched a new facility for oil rig drilling contractors operating in Iraq.

The Iraq Land Rig Facility provides cover for physical loss of or physical damage to drilling rigs and associated equipment, machinery breakdown and third party liability risks.

The facility covers all drilling contractors and can be tailored to meet the specifications of one-shot well exploratory drillers, through to larger contractors conducting significant drilling operations across Iraq.

Simon Boxall, managing director in Marsh’s global energy practice, said: “Rig insurance is essential for drilling contractors but the costs can often be prohibitive, especially for smaller firms seeking to branch out into emerging territories. Drilling contractors need local risk and insurance expertise to take full advantage of the opportunities that exist in Iraq.

“This facility enables all contractors, from small independents through to global firms, to pioneer the development of Iraq’s oil economy.”

William Wakeham, founder and chief executive of AAIB, said: “Marsh and AAIB are delighted to offer this innovative insurance product in Iraq. Product development and unique service offerings have always been at the centre of AAIB’s operation in Iraq.

“Through our network of offices in Iraq, we are also well-positioned to keep abreast of ever-changing legal and regulatory structures to ensure that clients minimise their risk exposure, especially on matters of compliance, which are particularly pertinent to drilling companies working under contract.”