Oil and Energy Insurance
The country’s economy is still primarily driven by oil and gas, which attracts enormous investments in assets and liabilities with associated risk from upstream activities to the downstream business. The variety of operations in this highly technologically advanced business is reflected in the number of products available in Oil/Gas and Energy insurance:
What is the purpose of oil and gas insurance?
Because of the nature of the work, oil and gas insurance is critical.
In reality, the industry comprises infinite procedures, harsh and complex working conditions, and chemical reactions that increase risk.
This industry has a high risk of loss of human life and environmental damage. As a result, everyone and every asset must be insured to cover a significant portion of the liability in the event of an accident.
What is covered by oil and gas insurance?
This provides coverage for all physical assets being used for oil-related EPC projects, such as fixed offshore installations, pipelines, flow lines, and cables, as well as hulls, machinery, equipment, appurtenances, gear, stingers, buy gear, cranes, derricks, consumables, wellhead equipment, and other assets, as well as any crude oil, gas, or condensate that is being stored offshore/onshore or in swamp areas and is in the trust, care, and control or for which the Insured may be contractually liable.
Providing coverage for all physical assets being used for oil-related EPC projects, such as fixed offshore installations, pipelines, flow lines, and cables, as well as hulls, machinery, equipment, appurtenances, gear, stingers, buy gear, cranes, derricks, consumables, wellhead equipment, and other assets, as well as any crude oil, gas, or condensate that is being stored onshore or in swamp areas and is in the trust, care, and control or for which the Insured may be contractually liable.
Providing coverage for general third-party liability arising from the insured’s offshore and onshore operations for death, bodily harm, personal injury, disease, loss of or damage to, and/or loss of use of third-party property, including product liability.
The following advantages come with oil and gas insurance:
- Protection against oil risks
- Third-party liability insurance
- Control, re-drilling, and well-cleaning costs
- Operator’s Extra Expenses (OEE)
- All operational risks, including onshore and offshore physical damages, are covered.
