Oil & Gas Well Drilling Insurance
As a Well Drilling Contractor, insurance is essential for protecting you against the unique risks you face.
Proper insurance coverage is vital for Oil & Gas Well Drilling Contractors
The ever-evolving nature of the oil and gas industry, combined with the dangerous work, leaves many companies exposed to significant risks and liabilities. To address these risks, it is vital that oil and gas companies carry comprehensive and customized insurance plans.
At CMB Insurance Brokers, we understand the challenges associated with insuring an oil and gas business. Our agents have the knowledge and experience needed to address the unique insurance needs of a wide range of oil and gas businesses. Choose us for all your insurance & risk management needs and rest assured that no matter what risks you face, the incredible team here at CMB insurance will be behind you every step of the way.
Why do I need Oil & Gas Well Drilling Insurance?
- Protection for property, tool, supply and equipment losses due to fire, vandalism, theft and more
- Protection for equipment breakdowns
- Protection for liability losses due to injury or third-party property damage
- Protection for errors and omissions
- Protection for loss of income due to business interruption and more
- Protection for automobile losses due to accidents and vandalism
- Protection for cyber losses due to data loss, credit card breach and other digital threats
Well Drillers face unique risks
As a Well Drilling Contractor the risks you face are unique to you and your insurance should reflect that. Well Driller’s Insurance will provide coverage for anything from fire damage to injuries or leaks and spills.
- Property exposures at the contractor’s own location usually consist of an office operation, material, equipment, and vehicle storage.
- Welding to repair equipment is a significant exposure that should be evaluated.
Inland Marine Exposures:
- Inland marine exposures to the excavation equipment evolve around the transport to and from the job site. The machinery and equipment can be large or specialty equipment that has unique transport exposures.
- The training of drivers and haulers, especially with respect to the loading, tie-down, and unloading, is an important area to evaluate.
- Further equipment exposures develop from the actual use of the equipment during excavation.
- Equipment may be subject to striking underground objects during excavation; striking utilities; falling into holes or pits; slipping or falling into mud, water, or sinkholes; rock, land or mud slides; and fire from overload.
- If equipment is left at job sites, there are crime and vandalism exposures.
The depth of the drill must also be known because of the cost of losing the drill bit in the hole.
Ocean Marine Exposures:
- Ocean marine exposure will exist if offshore rigs are a part of the operation. Special handling and coverages will be needed.
Occupiers’ Liability Exposures:
- Occupier’s liability is another area of high concern. Control of the job site is important with respect to limiting access to visitors or vandalism or attractive nuisance.
- The potential to strike and disrupt utilities, and the resultant loss of utility or damage that may occur are key concerns.
- Tremendous environmental hazards and concerns exist with oil and gas well drilling. Special permits and approvals need to be obtained.
- Risk must exhibit contingency and containment plans. Special controls are necessary for gas or oil well drilling.
- Automobile exposures can be significant in the transportation of the equipment.
- Oversize loads will require special procedures and handling. The proper tying down of the equipment is essential due to the bulkiness and weight.
Workplace Safety Exposures
- Workplace safety exposures can have many high potential loss opportunities. From the clearing of the site, to the digging of the hole or pit, frequent and severe losses can occur from striking objects or utilities; collapse of retaining or holding walls; mudslides; landslides; underground water; and sinkholes.
- Any contact with utilities, specifically electrical cable or gas lines can cause workers compensation injury, in addition to premises losses.
- Complications from the large, heavy machinery and their use, misuse, maintenance, and transport have unique workers compensation hazards that need review.
What types of Business Insurance do I need?
There are many types of insurance policies that our experts can advise you on and package to meet your specific needs, such as:
- Accounts Receivable Insurance
- Automobile Liability and Physical Damage
- Building Insurance
- Business Auto Liability and Physical Damage
- Business Income Insurance
- Business Personal Property Insurance
- Contractors’ Tool and Equipment Floaters
- Computer Fraud Insurance
- Computers Insurance
- Directors and Officers Insurance
- Dishonesty Insurance
- Disappearance and Destruction Insurance
- Employee Benefits
- Employee Dishonesty Insurance
- Employment Practices Liability Insurance
- Environmental Impairment Insurance
- Garage Keepers Insurance
- General Liability Insurance
- Goods in Transit Insurance
- Hired and Non-owned Auto Insurance
- Installation Floater Insurance
- Leasehold Interest Insurance
- Money and Securities Insurance
- Real Property Insurance
- Signs Insurance
- Valuable Papers and Records Insurance
- Workers Compensation Insurance
- Underground Storage Tank Insurance
- Umbrella Liability Insurance