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