Oil & Gas Sector
This Insurance provides a wide range of coverage for exploration & production (E&P) risk exposures. The following are typical coverage under this policy which are scheduled in sections:
- Section 1 – Property Damage: All risks of Physical Loss or Physical Damage to property/equipment owned by the Original Insured, and/or in the Care, Custody or Control of the Original Insured, including all transits to/from locations by whatsoever means as scheduled. This includes all the drilling units (Hull & Machinery and increased value). Other offshore assets such as wellheads, jackets, risers, pipelines etc. can also be covered under this section.
- Section 2 –Operators Extra Expenses: The cover provided is as follows:
Section A – Control of Well
Section B – Redrilling/Extra Expenses
Section C – Seepage and Pollution, Clean-Up and Contamination.
- Section 3 –Liability: The cover provided is for the insured’s third party legal and contractual liabilities arising out of scheduled operations usually offshore exposures which are not covered under the general third party liability policy.
- Section 4 –Loss of revenue: The cover provided is for loss of insured’s revenue resulting from damage to insured property or control of well loss.
- Section 5 – Minor Works (CAR): The cover provided is for minor construction and pipe laying activities in the development of wells on the insured field.