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Types of Oil Coverage Provided by gig
We can Quote for the following risks :-
- On-shore & off-shore control of well “Exploration & Development”
- Oil & Gas production Equipments & facilities including pipelines ,tanks farm, terminals, production platforms, sea lines production facilities, petrochemicals plants ,fertilizer plants, LPG & LNG Plants.
- Oil refining & downstream facilities.
- Drilling units including Jack UPS, drilling ships, Semi Mearsable drilling units and off-shore barges.
- Oil & Gas Pollution liabilities.
Oil Facilities Construction
- Coverage of all relevant oil and or gas production facilities including Gas Liquefaction plants and piping off shore works as follows .
- Physical loss and damage
- Liabilities (legal and contractual)
- Debris removal
- Sue & Labor expenses
- Expenditures (expediting expenses, additional work, forwarding charges, etc.)
KEY COVERAGES OFFSHORE
- Physical loss and damage
- Liabilities (legal and contractual)
- Wreck/ Debris removal
- Delay in Start-up (Coverage Extension)
- Sue & Labour expenses
- General Average and Salvage
- Expenditures (Cancellation costs, failure to launch, expediting expenses, additional work, forwarding charges, Evacuation, etc.)
BASIS OF RECOVERY UNDER WELLCAR POLICY
- Repairs/Replacements – ‘new for old’ at place of loss
- Betterment excluded
- Expediting expenses
- Unrepaired damage – estimated costs
- Total loss – incurred costs
- Liabilities – as legally determined
POLICY EXCLUSIONS (1)
- Penalties for delay, non completion or non compliance with contract conditions
- Loss of use
- Delay in startup –if not separately purchased
- Performance guarantees
- War Risks (fixed property)
POLICY EXCLUSIONS (2)
- Contractor’s property
- Employers’ liability
- Control of Well
- Health hazard exposures
- Loss of hole/reservoir
- Products
Underwater Activities
A VARIETY OF RISK EXPOSURES OFFSHORE PROJECTS
CONSTRUCTION INSURANCE - WHY INSURE?
- Project Economics ?
- Project Development - What’s the risk?
- Contractual Liability - Where are the exposures?
- Construction Insurance - Should we insure?
- Broker Selection - Who is best for the job?
- CAR Insurance – what cover do you get?
- Cover Options - Do we need it all?
- Project progress - What can go wrong?
This is what should look like
Jack Up Drilling Unit Insurance
What cover suit jack up’s
- Physical damage during drilling operations /towage-wet or dry / stacking .
- Loss of use /hire
- Liabilities
- Political risks
- Cost of control – for turnkey wells
Why Jack Up’s
- Relatively Shallow Water (up to 350 ft)
- Dependant upon Leg length
- Classification Society and local Rules
- Smaller than Semis
- Bottom bearing units
- Only floats when moving location
- Smaller crews
- Dayrates less than semis
Cost of Well Control Insurance
• Main Cover :
• Control of wells insurance
• Re drilling extra expenses
• Seepage , pollution and contamination
• Sub cover :
• Making well safe
• Deliberate well firing
• Care , custody & control
• Evacuation expenses
• Increased cost of re drilling
• Underground blowout
B.O.P should be installed into wellhead to prevent blowout and cap the undesirable pressure from reservoir
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