Oil & Gas
Oil And Gas
We Can Provide The Following Cover
We provide cover on both a Serviced (Fronted) and Direct basis for the Oil and Gas sector. Cover can be chosen on a package basis combining the main classes below or for a standalone single section only. Whilst not shown below Construction can also be included in a package if required although this is usually arranged separately unless incidental (see separate Construction Key Fact document for more information)
Click through the bold ‘Key Fact’ should then click through to the Construction key facts document
Provides All Risks Cover of Material Damage or Loss on Buildings, Ground Facilities, Plant and Machinery, Minor Works, Material Stock and other physical Property as declared up to the policy limit or sum insured.
- The costs in regaining Control of Well
- Re-Drilling/ Extra Expenses
- Seepage & Pollution, Clean Up & Contamination
Extensions:
- Deliberate Well Firing, Making Wells Safe, Care Custody or Control, Underground Control, Extended Drilling & Restoration Costs, Removal of Wreck & Debris, Resultant Plugging and Abandonment Expenses
- Up to the policy limit or sum insured
- Legal Liability to Third Parties under law / contract to pay compensation under a Primary or Excess basis up to the Limit of Indemnity in the Policy
Cover for equipment and goods for transit to Iraq by Marine/Air or Overland and then from Port/Airport/Border to final destination.
Limits Available
Limits and Sub limits available for the classes of coverage that make up an Energy Package Policy are driven by a number of factors the key ones being:
- Market acceptable Limits / Contract Specified Limits
- Claims History
- Availability of Reinsurance capacity
- Price
For the Material Damage and Overall Equipment Effectiveness (OEE) Sections cover can be arranged on a Policy Limit basis or Total Insured Value
Third Party Liability cover varies depending on requirements but limits to USD 100m are not uncommon and capacity is available to this limit and higher if required
Limits for the Marine and Transit section will depend on the maximum value of equipment any one consignment / conveyance and the availability of Market capacity.
use of captives
Almaseer are used to captives participating in Energy Programmes and will discuss a clients / potential clients captive utilisation in their programme based on the clients own unique needs.
information required
- A Serviced Programme with reinsurance and programme risk transfer pricing already known
- A Placed Programme where we will arrange the Reinsurance capacity supporting us
