Oil & Gas Insurance
A. THIRD PARTY LIABILITY INSURANCE
Worldwide Third Party Liabilities covers for:
- Loss of life, personal injury or illness
- Loss of, or damage to, third party property (up to a chosen limit)
- Loss of use of property
B. CONTRACTORS ALL RISKS INSURANCE
Material damage protection against:
- The contract work, the plant and equipment at sites and also for the legal liability arising there from
- Debris Removal ( up to a chosen limit)
- Professional fees (up to a chosen limit)
- Public Liability ( up to a chosen limit)
- Third Party Property Damage ( up to a chosen limit)
C. OFFSHORE CONSTRUCTION
Indemnity for: (up to a chosen limit)
- Deliberate damage resulting from actions of Government for the legal liability arising therefrom
- Hostilities but not malicious perils
- General average & salvage charges
- Sue and Labour
- Removal of wreckage or debris
- Third Party Property Damage ( up to a chosen limit)
- Cancellation costs
- Miscellaneous costs of repositioning, retesting and forwarding
D. CONTROL OF WELL INSURANCE
Indemnity for actual costs and or expenses incurred in
- Regaining or attempting to regain control of all insured well(s) which get out of control, including any other wells that get out of control as a direct result of an insured well getting out of control.
- Extinguishing or attempting to extinguish fire in or from such Well(s) or which may endanger the well(s).
E. SEEPAGE AND POLLUTION CONTAMINATION INSURANCE
- Indemnity will be provided for all legal expenses against remedial measures and/or as damages for bodily injury including loss of use of property caused directly by seepage, pollution or contamination arising from wells insured.
- Cost of removing, nullifying or cleaning up of seepage, pollution or contaminating substances emanating from wells insured.
- Cost of containing or diverting the substances and preventing the substances reaching the shore.
- Costs and expenses incurred in the defense of any claim or claims resulting from actual or alleged seepage, pollution or contamination.
- Defense costs and expenses of litigation awarded to any claimant against the Assured.
F. APPRAISAL AND DEVELOPMENT FACILITIES
- PROFESSIONAL INDEMNITY
Financial losses due to wrong seismic reports could be devastating to professionals. The Professional Indemnity policy is design to bring succor as it protects a professional against his legal liabilities towards third parties for injury, loss or damage arising from his own professional negligence or that of his employees.
G. PRODUCTION FACILITIES
Various equipment needed for pre-production and production secured by insurance policies such as:–
- PLANT ALL RISKS: – This provides cover to all mechanical and non-mechanical equipment not being used on public roads against the risks of Fire, Theft and accidental break-down whilst on site.
- GOODS-IN-TRANSIT: – Goods in Transit policy is taken up to protect the equipment against any accidental damage caused by collision or overturning of the conveying vehicle, fire, theft while the equipment is being taken to the site/field. The risks associated with loading and unloading is also part of this policy cover.
This policy will enable you set aside from the day of production of a well a fixed sum for a minimum period of 3 (three) years, which guarantees its use only for work over of wells.
This policy covers the cost incurred on environmental remediation and site restoration in line with World Environmental Societies and Federal Government of Nigeria policy statement on environmental restoration by energy industry operators. An annuity is created for each well in a field for certain number of Year (expectant life of the well).
- CARGO: – This policy provides cover for the crude and/or
finished products such as petrol, kerosene, diesel, bitumen, aerosol, carbon black against theft and marital perils including limited terrorist attack whilst in transit by sea from the port of loading to its designated port of delivery.
- HULL/TANKER: – This policy covers the carrying vessels/tanker against physical damage and fire, or other offshore liabilities incurred by the vessel owner (hirer) as during a specified voyage or series of voyages within a specified period. This policy can be extended to cover legal liabilities arising out of seepage and pollution.
- SOLIDS TRANSPORTATION (PIPELINES):- This policy is design to provide cover against loss of or damage to the crude (products) in transportation using the TORE Solids Transportation, Separation, Filtration, and Clean-up disposal device. The cover starts when the products are undergoing the eight (8) primary processes of continuous transportation of solids from:
- Portable tank Cleaning
- Solids Removal
- On line Removal of Sludge (Retrofit Solution)
- On line Removal of Solids from Oil and Gas Well Streams
- Solid Cleaning
- Solids Removal from Separation
- Filtration and Separation Solutions
K. TANKFARM/STORAGE FACILITIES
This policy provides Cover to the tank farm and its contents against:
- Fire & Perils
- Failure of Safety Valves
- Environmental Pollution Liability.
This insurance provides cover against loss, damage or expense caused to the insured properties as below.
(a) Platforms- Pipelines Facilities.
These includes offshore property such as fixed offshore installations, pipelines, flow lines and cables, all plant equipment, consumables, well head equipment, crude oil, and/or gas, and/or condensate in store.
(b) Bile Drilling Barges.
Hull and machinery of drilling and accommodation barge(s) including equipment of every description owned or hired by the insured.
(c) Vessels Crafts
- Hulls, Machinery, Equipment, Appurtenances, Gear, Derricks, Stingers, Buy Gear, Cranes etc.
- The increased values of Hull, Machinery, Equipment’s etc.
- Use and occupancy and /or Insured’s Interest.
(d) Limited Terrorist Coverage.
This would indemnify for claims for loss and/or damage and /or liability and/or cost and/or expense recoverable under a, b and c above.
OPERATORS EXTRA EXPENSES
This covers the following interest:
- Control of Well Insurance
This covers cost or attempted cost of regaining control on all well insured which got out of control.
- Re-drilling/Extra Expense Insurance
This provides cover for actual cost and /or expense reasonably incurred to restore or re-drill a well insured or any of its parts lost or damaged.
- Seepage and Pollution Clean Up and Contamination Insurance:
This provides cover for bodily injury or damage (fatal or non-fatal) and /or loss or damage or loss of use of property caused by seepage whether directly or not including the cost of removing, cleaning seepage pollution or contamination from the wells and the legal liability for seepage, pollution or contamination.