What oil and gas insurance policies do you need to cover your business? Protect yourself with specific oilfield liability insurance plans that cover your core business functions to ensure your company’s financial well-being.
No matter what industry a business operates in, there is a need to protect its assets and finances. The oil and gas industry operates in a way that exposes itself to particular risks and legal liability issues that need to be covered with oil and gas well insurance.
Oil and gas insurance brokers offer a wide variety of coverage options to meet the needs of businesses that want to safeguard themselves. When choosing an insurance provider, find a partner that specializes in oilfield liability insurance. Their expertise will guide you through the many options available and help you build a plan that best protects your business.
General liability is a natural starting point for any business looking to gain coverage. As the name suggests, general liability protects a company from various vulnerabilities. This broad plan covers your goods and services, contract disputes, and operating issues for current and past projects.
The oil and gas industry shouldn’t rely on general liability alone. It must protect itself with specialized coverage designed particularly for the industry and the innate dangers that come with the job sites and equipment used. Workers must be protected from harm, and the costly machinery should be protected against damage or failure. When shipping oil, numerous issues can arise. Oil and gas insurance brokers should have plans available to meet these needs.
Control of well insurance is an incredibly nuanced option that requires the insurer to have a wealth of knowledge about oil and gas well insurance. These policies are designed to protect your business if there is a significant event during the drilling process. The overwhelming costs associated with regaining control of a well, mass pollution clean-up, and restoring wells after a disaster can put a company out of business. Control of well policies cover most or all of these expenses.
Oil and gas lease property insurance protects your equipment investments by covering loss or damage to petroleum storage tanks. Without such protection, extra expenses can be crushing. Protect yourself against the replacement costs of:
- Production equipment
- Gathering systems
- Crude oil stored in petroleum tanks
Rig and hull insurance meets the needs of oil and gas operators and drillers. Rig accidents are common. Oil and gas insurance brokers should provide you with coverage that protects job site equipment from installation damage, breakdown, severe weather occurrences, and theft. Specifically, a company should be sure to cover onshore and offshore property damage, construction damage, physical damage to drilling rigs, and pipeline damage.
Hull insurance covers damages to ships whose main body is made up of the hull. The policy also covers functioning parts of the hull. If the hull is destroyed, machinery is damaged, or disbursement losses occur, you are covered. These policies are available for vessels designed to operate on oceans, lakes, and rivers.
Riggers insurance is designed to cover contracting organizations that lift and transport heavy machinery and property belonging to a different company. These policies only cover damages that occur during the actual moving and transporting. When dealing with enormous equipment in variable weather conditions, a lot can go wrong.
InSource Insurance Group’s oil and gas well insurance brokers have the specific industry knowledge to supply you with the coverage you need. To learn more about your oil and gas insurance options, reach out today.
The insurance policies specifically designed for the oil and gas industry go beyond the previous options. Learn more about additional coverage options to safeguard your business:
InSource Insurance Group offers insurance that focuses on the specific needs of your business. Our oil and gas insurance brokers help you find the right policies to protect you from the industry’s various obstacles, dangers, and risks. Contact us today.