Auto Accidents are the leading cause of loss
In-vechile monitoring systems can help save your company money!
Historically, there has been a scarcity of credible insurance underwriters willing to provide any insurance coverage for specialized drilling equipment as part of a BHA while in use below the rotary table. Certain Underwriters in the London specialty market have introduced a comprehensive policy which provides coverage for such equipment that becomes irretrievable while engaged in an insured event.
Coverage is available for both the leased drilling equipment, as well as various ancillary parts of the string based on either underlying coverage for the sophisticated specialized tools in the leasing company program and ground up coverage for the miscellaneous tools which may or may not be leased making up the string. Coverage for the specialized drilling tools covered by the leasing company is available on a monoline basis. However, coverage for the miscellaneous tools in the string can only be written when they are part of a policy written for the specialized drilling equipment.
Policies can be written on a per event or annual basis with profit sharing being available to annual policies with a minimum of 20 or more drilling days anticipated in the 12-month policy period. Insured must submit a fully completed application listing a schedule of equipment, value per tool scheduled and period of BRT expected. Insured is required to advise underwriters of going down hole in advance of commencement of going down hole, but dates originally declared and shown in the policy can be amended with underwriter agreement.
In the event of a loss, one partial reinstatement can be obtained for the purposes of completing the well with as little delay as possible. Claims investigations and settlements are administered by recognized US based specialists whose sole line of adjusting insurance claims relates to oil and gas insurance settlements.
Requests for applications and quotations can be submitted to:
Lynn Lucas (Lynn@1starins.com), Program Underwriter for One Star Insurance Solutions, LLC