- Material damage: Generally, provides coverage for all risks of direct physical loss or damage against drilling and operating sites including their equipment, tools, accessories, drilling gear, oil rigs, extraction ducts and pipelines, personnel compartments, etc. Subject to the terms and conditions of the policy.
- Loss of Profit Insurance (Business interruption): Indemnifies the insured against financial losses due to temporary interruption of gas or crude oil supply, following an accidental material damage to the platform.
- Well control insurance/Operator Extra Expenses: The policy covers expenses incurred in regaining control of a Well after ‘blowout’ or explosion. Coverage includes re-drilling expenses, Third party liability. Evacuation expenses, sudden and1 accidental Seepage pollution etc.
- General third-party liability insurance: This covers legal liability and contractual liabilities of the drilling contractor to third parties for bodily injury and property damage. This also extends to contractors’ charterers liabilities for subcontractor’s supply vessels.
- Environmental pollution insurance: covers the insured in the event of pollution resulting in bodily injury or material damage to a third party and the costs of environmental cleanup following the pollution.
- Automobile Liability Insurance: The insurance cover for automobile liability is required for land-based drilling operations it is required to satisfy local laws such as third-party motor insurance. This insurance will apply to all vehicles being used whether owned or hired.
- War and Political Risk Insurance: The policy provides cover in respect to; confiscation, exploration, nationalization, or loss as a result of war, terrorist risk or riot. The coverage should be up to the replacement value of the drilling barge.
- Construction & Erection All Risks
- Machinery breakdown and boiler insurance
- Insurance of Power Plants
- Environmental Damage Insurance
Our clients cover the full spectrum of the energy insurance industry, including upstream, midstream and downstream;
AIB Insurance brokers limited has access to all of the major oil & gas insurance markets both locally and internationally.