Oil & Gas

Salient Features:

Property, third party liability, and business interruption cover for companies, independent operators and drilling contractors involved in the exploration and production of oil and gas.


• Specialist oil and gas group employee benefits schemes - managing complex onshore and offshore insurance benefit plans across multiple sites.

• Kidnap insurance – often required for senior executives in known kidnap areas.

• Political Evacuation Insurance – designed to protect companies and people from the cost of emergency repatriation and relocation due to political unrest.

• Offshore property

• Offshore liability

• Onshore property

• Onshore liability

• Production vessels hull and liability


Offshore property

Offshore property insurance provides cover for losses arising from physical damage to structures located offshore and may include business interruption.


• Fixed property

The risk location for immovable property, i.e. oil rigs fixed to the sea bed, oil wells and pipelines, is the territory in which the property is situated (territorial waters). If the policy insures offshore property at more than one location, and those locations are in more than one territory’s waters, there will be multiple risk locations.

  

• Moveable property

In most territories, the risk location is where the moveable property is normally situated.


Offshore liability

Offshore liability insurance covers the liabilities of operators of offshore structures or contractors working on them, including liabilities arising from pollution incidents. The offshore structure may constitute a business establishment for the purposes of risk location.

 

Onshore property

Onshore property insurance covers losses arising from physical damage to onshore structures and property and may include business interruption.


• Fixed property

The risk location for immovable property, i.e. oil refineries, wind turbines, processing plants and pipelines, is the territory in which the property is situated. If different territory from the insured’s residence or business establishment, there are two territories for regulation and tax.


• Moveable property

In most territories, the risk location is where the moveable property is normally situated.


Onshore liability

Onshore liability insurance covers the liabilities of operators of onshore structures and property or contractors working on them. The onshore structure may constitute a business establishment for the purposes of risk location. 

The risk location is the territory in which the insured’s business establishment is located. If more than one business establishment is covered, then each may individually create a risk location.


Production vessels hull and liability

Production vessels’ hull and liability insurance covers damage to a production vessel’s hull and the liability of its operator. The risk location is determined in the same manner as ship’s hull and liability contracts.

Oil and gas insurance is a specialist area of cover because of the potentially hazardous nature of the work and the remote regions involved – both onshore and offshore. Production can often be situated in war, terrorist and areas of civil unrest and executives can be vulnerable to kidnap and ransom demands. From multi-national energy companies requiring employee benefit packages for thousands of employees across the world, to drilling contractors working offshore we can help.


If you are interested in purchasing an energy related insurance product please contact us. We will then request the relevant information, supply the appropriate proposal form and provide you with a quote.