26.10.00 - Wildnet New Media Group (Wildnet), a new media company specialising in the construction, management and marketing of web based interactive trading sites, has developed Oilsure (www.oilsure.com) with Gerling At Lloyd’s Limited. The site marks Wildnet’s twelfth to date.

Underwritten by Lloyd's Syndicate 1206, managed by Gerling At Lloyd’s Limited, Oilsure provides the industry with the simplest and most efficient way of arranging oil cargo insurance.

A generation away from traditional underwriting methods, Oilsure is poised to revolutionise oil insurance transactions whilst drastically reducing time and administrative costs. It provides global access for quotations and cover, 24 hours a day, 365 days a year. Oilsure serves oil companies, e-procurement partnerships and captive managers. In a paperless process, with a fraction of the effort, site users can produce documents and certificates electronically at source, faster than ever before.

Oilsure is centred around a unique and highly sophisticated rating engine, which automatically takes many more factors of each individual shipment into consideration: voyage area, vessel tonnage, type and age, exact type of oil, loading, discharge methods and vessel vetting – and every other pertinent factor. Over one hundred million billion combinations of rating factors are possible.

Oilsure’s ‘seven day Testing Zone’ enables potential clients to log on and evaluate the strength and competitiveness of Oilsure. Other menu options include billing and storage information, claims procedures, insurance conditions and a worldwide databank of Oilsure surveyors.

Felix Zaccar, Chairman of Gerling at Lloyd’s Limited, commented “After two years of meticulous development, we feel we have added a new dimension to our levels of service, performance and client relationships.”

Mark Birrell, CEO of Wildnet commented, “Oilsure acts as a powerful tool for brokers, assisting in sales, saving duplication of effort and providing real assistance in driving down operating costs while maximising global reach. The limitless potential for Oilsure to change the very essence of how oil insurance is traded, is without doubt very real!”