Ocala Group Personal Accident insurance
Ocala Group of Companies focuses on the provision of services and business development of projects from initial concept through to operation & maintenance for the Industrial and Oil & Gas Sectors around the world. They approached Bellwood Prestbury with a request to provide specialist oil and gas insurance to include personal accident and medical cover for over 80 personnel working in two locations in Kurdistan.
This was a complex brief. Most (but not all) the personnel being covered were Venezuelan nationals working in Kurdistan. Many are specialized Field and Panel Operators with what the insurance industry would deem as a risky occupation, involving work on ladders and towers. Most work on a 44 day on, 22 day off, shift system. Some would fly home during their downtime and others would remain in Kurdistan, living in Erbil or Sulaymaniyah, near or inside the refineries.
Bespoke policies with Lloyd’s, London
As a Lloyd’s Coverholder, Bellwood Prestbury can create bespoke policies direct with Lloyd’s, and this proved to be the best approach for Ocala.
The personal accident and medical evacuation policy provides compensation if a worker is killed or injured and provides benefits in the case of permanent, total or partial disability. The medical cover provides evacuation to a quality medical facility and repatriation to the workers home country where necessary.
Bellwood Prestbury then adopted an intelligent approach to the level and timing of cover to help save Ocala significant sums in premiums.
Coral Parfitt, Senior Consultant at Bellwood Prestbury, explains: “The company doesn’t want to have to pay high risk premiums when people are not in the field, but they did want to provide cover for people in transit and at home. We created two levels of cover. The client pays the high risk day rate when each employee is at work or in residence in Kurdistan. They pay a lower level for the days people are in transit or at home. We have included all the territories where workers come from which includes Europe, North America, Venezuela, Mexico, Colombia and other specific countries.”
Bellwood Prestbury then made it easy for the client to administer too. Coral says: “The client simply sends us a monthly copy of their group travel itinerary and our Client Services team make sure the correct cover for each individual is in place. All the client has to do is send a single email each month. Changes in personnel are handled in the same way, so administration is quick and simple.”
To find out more about the wide variety of oil and gas insurance options Bellwood Prestbury can help to organise, please email email@example.com