Oil and Gas Insurance
The oil and gas industry is constantly evolving – and so are the exposures. From drilling operations to service contractors to manufacturers of related parts and products, there are unique risks at every stage o f the process.
With so many years serving this industry, Travelers has developed the specialized expertise, products and services that can help oil and gas companies protect their employees, their physical assets, their balance sheets and ultimately their long term viability.
- Professional Liability
- Property
- Engineering and Machinery
- Comprehensive General Liability
- Offshore / Onshore
Description
Professional Liability – Insurance that provides protection to the insured for claims made by third party for bodily injury, or loss or damage to a third party’s property for which the insured is legally liable.
Form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee right to sue his or her employer for the tort of negligence.
Covers death, permanent total or partial disablement resulting from any injury arising out of and in the course of employment and also hospitalization and medical expenses.
Property – Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Property insurance can include homeowners insurance, renters insurance, flood insurance and earthquake insurance. Personal property is generally covered by a homeowners or renters policy, unless it is of particularly high value, in which case it can usually be covered by purchasing an addition to the policy called a “rider.” If there’s a claim, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to remedy the damage.
Engineering and Machinery – Machinery & Equipment Insurance is designed to cover immobile industrial or commercial equipment. Provides cover against sudden and unforeseen physical damage to your machineries whether at work or at rest and during cleaning, inspection, over-hauling, and removal to another position within the premises.
Comprehensive General Liability – A type of liability insurance held by businesses. Comprehensive liability insurance (CGL) is a broad policy that protects the organization from liability claims related to products coverage, completed operations coverage premise and operations coverage, and independent contractors coverage. CGL does not cover vehicle liability. also called commercial general liability insurance.
Offshore / Onshore Property – provides cover for losses arising from physical damage to structures located offshore and may include business interruption.