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Petroleum
 

How do you choose an insurance provider? Do you choose a company with financial stability that will be able to pay your claims? Do you require a company with skilled technical representatives who understand the business? Are you looking for underwriting specialists who can answer your concerns about pollution and other liability issues? At Chubb, you can have it all.

Chubb has provided insurance and services to the petroleum industry since the 1960’s. Chubb offers a specialized package policy, pollution liability and umbrella liability on a worldwide basis.

Chubb provides insurance to a wide range of petroleum operations:

  • Oil and gas lease Operators/nonoperators
  • Over-the-hole service contractors
  • Drilling contractors
  • Compressor leasing services
  • Natural gas pipelines
  • Lease maintenance contractors
  • Geophysical contractors

Chubb’s Customarq package policy responds to many specialized needs:

  • Automatic blanket limit of $250,000, which includes protection for valuable papers and the costs to replace data such as well logs, mineral leases, seismic data and maps.(Aggregate limit can increase to $1 million, subject to underwriting guidelines.)
  • Automatic protection for newly acquired wells.
  • Co-owners of working interest are insured.
  • Co-owners of non-operating working interest, managed and controlled are insured.
  • All-risk property protection, with an automatic limit of $10,000 for unscheduled oil lease property, including pump jacks, tanks, treaters and related equipment.
  • Lease property can also be amended to include electric lines and poles and crude stored in tanks.
  • Contractors’ equipment including service rigs can also be included.
  • Machinery breakdown protection also can be provided for the machinery and equipment that is vital to your operation.
  • Business income, contingent business income and extra expense insurance are available.

In addition to our hallmark Customarq package policy, Chubb offers the energy industry a full complement of products including commercial automobile, workers compensation, directors & officers, crime, employment practices liability, and kidnap/ransom and extortion insurance.

Why does a petroleum company need Customarq? Consider the following scenario:
A lease operator has a well blowout that injures subcontractors working at the site. Debris and fluids from the well affect numerous residents in the area. The blowout results in damages that exceed $6 million.

The impact of an unexpected loss like this could be devastating to your company.

Why Chubb?

  • Global reach - Through an extensive network of wholly owned offices in 27 countries, Chubb provides locally admitted and global insurance products.
  • Claim service - Accessible via a toll-free number from anywhere in the world, our Multinational Claim Unit provides service 24/7 in more than 140 languages.
  • Stability - Chubb consistently earns high ratings from A.M. Best Company for financial stability and from Standard & Poor’s and Moody’s for claim-paying ability.
  • Loss control - To help reduce the risk of loss and minimize the severity if a loss occurs, our risk engineers can conduct site assessments and


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Learn more about:

  • Chubb's products - Please contact your insurance agent or broker; use our Find an Agent tool to locate an agent or broker near you.
  • Claims - Please go to Chubb's Claims Services.
  • Chubb's press releases, awards, advertising and more - Please go to About Chubb.