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ProSight Specialty® Insurance Marks Growing Presence in Niche Energy Industries with the Addition of Three New Insurance Segments
New Programs at ProSight Feature Responsive Insurance Solutions for Propane and Fuel Dealers, Oil and Gas Contractors, and Solar Energy Contractors for Both Renewable and Nonrenewable Energy Sources
MORRISTOWN, NJ (May 20, 2014) – ProSight Specialty Insurance (“ProSight”), a leader in specialized insurance and risk management solutions, is expanding its reach in the energy market with the launch of three new insurance programs designed to respond to the evolving business needs and exposures of solar energy contractors, propane and fuel dealers, and oil and gas contractors.
Utilizing a focused distribution approach with industry-leading expert agencies, this unique “suite” of customer-tailored solutions provides highly differentiated underwriting, safety and loss prevention solutions, and claim management services to help reduce the frequency and severity of claims while enhancing productivity and profits for customers.
“As a specialty insurer, we view growth in the energy industry as an opportunity to partner with businesses within this segment, assisting them with a comprehensive and holistic risk management program,” says Mary Hughes, President, Construction/Energy, ProSight. “According to the U.S. Census Bureau and the Energy Information Administration, U.S. natural gas production will rise an estimated 44 percent over the next 30 years and non-hydropower renewables will increase by 4.1 percent in 2014 alone. These are clear indicators of industry-wide growth, and for ProSight it means working to provide responsive customer-centric insurance solutions to assist these challenging segments in securing quality coverage well beyond that provided by standard line insurance companies.”
Propane and Fuel Dealers
The Propane and Fuel Dealers program provides fuel oil and propane dealers, distributors and transporters with a broad range of coverage designed to address all aspects of the delivery system, including failure to supply, misdelivery and a proprietary pollution enhancement. Unique property enhancements are also offered and include increased limits on pollutant cleanup, tank coverage/ leakage, and gas/oil contamination coverage. Together with Tangram Insurance Services, this program offers risk-specific underwriting and responsive claim handling, including expert environmental risk consulting on regulatory requirements in the event of a spill. For more information on the Propane and Fuel Dealers program, visit: https://www.prosightspecialty.com/solutions/propane-and-fuel-dealers.
Oil and Gas Contractors
Addressing the complex liabilities within the energy sector, ProSight and Alliant Specialty have designed an exclusive Oil and Gas Contractors program serving oil, gas, and water drilling contractors, oilfield trucking companies, and suppliers. This comprehensive, fully customizable program offers specialized coverage that includes underground resources and equipment, down hole tool coverage, and testing errors and omissions coverage. Exclusive to this program, and a key differentiator, is ProSight’s Cost of Iron equipment endorsement. It can provide up to 150 percent of the equipment’s scheduled limit in cases where there is a total loss and equipment has appreciated. For more information about the Oil and Gas Contractors program, please visit:https://www.prosightspecialty.com/solutions/oil-and-gas-insurance/.
Solar Energy Contractors
ProSight’s latest addition to its niche line is the Solar Energy Contractors program. Responding to the rapid growth of clean energy sources, this program addresses risks and exposures associated with the design, installation and maintenance of projects for the commercial, residential (30 percent or less of total work) and industrial solar energy contractor. Expanded coverage includes equipment installation and corresponding electrical work, as well as operational maintenance and repair, which considers the complex contractual obligations of contractors involved in various phases of a solar project’s life cycle. Alesco Risk Management Services Limited, a leader in the global energy industry and dedicated to the needs of solar energy contractors, has teamed with ProSight as an exclusive distributor for this specialized program. For more information on the Solar Energy Contractors program, please visit:https://www.prosightspecialty.com/solutions/solar-energy-contractors.
The content of this material is a marketing communication. The material is for general informational purposes only, and does not take into account your personal circumstances or objectives. Although the information set out in this marketing communication is believed to be reliable, ProSight Specialty Insurance does not guarantee its accuracy or completeness. All information is indicative and subject to change without notice and may be out of date at any given time. The description of any coverage herein is a summary only. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Issuance of coverage is subject to underwriting by ProSight Specialty Insurance
About ProSight Specialty Insurance
ProSight Specialty Insurance was founded by CEO Joe Beneducci in 2009 and is backed by affiliates of TPG Capital and GS Capital Partners. ProSight Specialty Insurance focuses on niche markets where it has differentiated underwriting and claims expertise and partners exclusively with specialist distributors who have a deep understanding of their customers. More information about ProSight Specialty Insurance and its member insurers can be found at https://www.prosightspecialty.com.