The OIL Companion: A Guide to Oil Insurance Limited (OIL) Membership
The 2017 edition of Marsh's OIL Companion is now available. It provides an objective, in-depth analysis of OIL membership from a broker's perspective by examining both the advantages and possible disadvantages that merit consideration.
This edition is particularly timely given the current unprecedented hurricane activity in the Atlantic Basin. OIL is, however, not currently anticipating significant losses from the recent storms. Details on OIL's Designated Named Windstorm cover can be found within this edition of the Companion.
Notable updates for 2017 include:
- OIL’s agreement to extend the option (indefinitely) for members to select standard limits of between US$300 million and US$400 million. From January 1, 2018 a member will NOT need to warrant to OIL that they are not purchasing any other insurance excess of OIL (as long as they have a limit of at least US$300 million from OIL).
- Offshore Gulf of Mexico Designated Named Windstorm (DNWS) coverage will be eliminated from January 1, 2018.
- Minor changes have been made to the rating and premium plan including a change to classify piers, wharves, jetties and docks as onshore assets - consistent with commercial market practice.
- OIL’s declaration of a second dividend for 2016 of US$200 million. They declared a further dividend of US$250 million in 2017 (for shareholders on record as of January 1, 2017).
Marsh strongly encourages any party with an interest in or engagement with OIL to register for the OTA (OIL Technical Accreditation) online training program. This can be accessed through the OIL website.