OIL AND GAS INSURANCE

Oil & Energy insurance can be defined as the insurance of all operations and assets relating to the exploration, exploitation, drilling, refining, storage and transportation of oil, gas or other energy resources. It also includes the insurance of Petrochemical risks such as insurance of assets, operations and liabilities arising out of production and consumption of intermediate and final products of chemical derived from Gas and Crude petroleum.

The purpose of oil insurance is to protect all parties against the financial consequences of accident, which may lead to injury to workmen and third parties in addition to loss or damage to properties.

The main risk exposures associated with oil business are property risks, pecuniary risks, liability risks and contingent risks. Oil insurance can be classified into Marine and Non-Marine. The Marine class includes, Offshore Construction Insurance, Offshore Physical Damage Insurance, Operators Expenses Insurance and Oil Tankers Insurance. The Non-Marine class includes, physical damage or property insurance and accident related insurances such as: Physical Damage to Onshore Assets, Onshore Construction, Business Interruption and General Liability.