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Insurance for the Oil and Gas Industry
Chubb has been providing insurance and services to the oil and gas industry since the 1960's. We offer coverage on a world-wide basis to operators, non-operators, service contractors, investors and royalty owners.
We customize coverage to meet your needs and in conjunction with our loss control representatives and risk consultants work to help you maintain a safe and profitable operation.
Property Insurance
Chubb's Property Insurance for the Oil and Gas industry provides broad and responsive coverage in one integrated policy that can be tailored to your needs. Our "all-risk" property insurance coverage automatically protects you against the exposures you face.
Using Chubb's own service-oriented, multinational risk network, the underwriter meshes your locally admitted and global insurance programs to help avoid gaps in coverage.
- Extra and expediting expense insurance helps you pay for the costs of getting your plant back into operation following a loss, damage or breakdown
- Contingent business income insurance protects you against a loss if one of your key suppliers or customers cannot operate due to a property loss
- Transit insurance enables you to pay for repairs to equipment damaged while being transported to or from your site
- Extended business income insurance provides you up to 12 months to get your operation back to the level that existed prior to the loss
- Loss to physical assets (e.g., pump jacks, tank batteries, storage tanks, well heads, work-over rigs)
General and Third Party Liability
Chubb's General and Third Party Liability reflects our understanding of and experience in the Oil and Gas industry. The complexity of your business and the reality of risks such as blowouts means that safety and maintenance are a constant operational challenge.
To adequately insure your operation against these risks, you need expertise that can advise you about contractual liability - who is insured? What exposures need further protection?
Chubb's business is to help you focus on yours by providing the best blend of coverage and reducing the stress associated with these kinds of risks and exposures.
Pollution Liability
Pollution liability insurance covers third-party bodily injury. Coverage can be extended to include property damage and clean-up costs that result from an incident. We can also offer an extended reporting period to protect you for claims made after your policy expires.
Umbrella/Excess Liability
Chubb's umbrella coverage takes into account anticipated legal reform addressing the highly inflated awards occurring in catastrophic lawsuits that have now become a reality.
In one single contract Chubb can provide comprehensive coverage with high liability protection for general liability and automobile as well as employers liability protection. Chubb can tailor coverage to respond to complicated and changing organizational structures and provide automatic coverage to new operations - protecting you for covered exposure on a worldwide basis.
Alternative Risk Transfer (ART)
Chubb works closely with its Oil and Gas customers to ensure the right mix of traditional and non-traditional coverage that helps manage both exposure and costs.
Chubb's Alternative Risk Transfer solutions take many forms, including
- Large deductibles
- Self-insured retentions
- Finite risk programs including reinsurance arrangements with captives
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