Depending on your specific operations, there are unique considerations, and unique insurers that specialize in oil and gas related businesses. A standard liability policy is likely not what you need. It’s important to make sure your policy matches the realities of your operations.
People & Partners
Does your corporation have adequate umbrella liability coverage? Professional liability coverage? Partner insurance? Are your employees covered under these policies? Does everyone on staff know the scope of their employment and responsibilities?
Product & Property
Do you manufacture, machine, wholesale or retail equipment and supplies to the oil industry? Who is responsible for the products or equipment when they are in-transit, or during set up and installation? Do you have equipment or property of others in your care, custody and control? Special liability policies are required to ensure you have coverage for products and completed operations, as well as during the set up or installation of equipment, and require special consideration.
What are the appropriate caps and conditions to help you recoup the cost of unexpected shut-downs?
Equipment and Machinery
While major items are usually covered, have you made specific inclusion of tools, electronics, and office contents?
The oil and gas industry by nature involves higher risk exposures, which give rise to special insurance needs. This include pollution liability coverage, prairie and forest fire expense coverage, rigging and moving liability, and/or builder’s risk coverage.
Get in touch with us for all of your insurance needs!
Broker Age is here for all of your insurance requirements. We have partnered with Optimum West Insurance Company and other top providers to offer a flexible 360 degree approach for coverage to all of our customers.
Things You Should Know
The liability coverage for your operations or business likely does not protect you against the work done by sub-contractors your hire. You will want to ensure sub-trades and sub-contractors provide you with prove of their own insurance, and have them include your firm as an additional insured for loss or damage arising out of their operations.
Equipment coverage may or may not extend to items belonging to contractors who are on-site temporarily. Additionally, loss or damage to equipment in your ‘care, custody, and control’ that you do not own is not covered is not covered under a standard liability policy, nor is it automatically covered under your contractor’s equipment insurance. These items, such as leased equipment or non-owned equipment you operate as a contractor needs to be insured separately. Often, the terms of the lease or contract agreement determines who is responsible for insuring the equipment.