Services
Energy All Risks Insurance Policy
Covers risks faced by energy and oil facilities during operation.
Concept of Coverage
Ta’awuniya Insurance Company provides this service to cover all risks related to energy projects, subject to policy terms and exclusions.
General Risks to Oil Facilities
- By location: Offshore risks and Onshore risks.
- By type: Material damage, corrosion, pollution, third-party liability risks, and consequential loss risks.
Coverage across Oil Extraction Phases
- Exploration: surface geological survey and seismic survey.
- Drilling: dismantling/installation, faulty operation, fire due to flammable materials, and gas/oil blowouts/incidents during drilling.
- Development: gathering, processing and storage facilities, gas/chemical facilities and refineries, and installation of facilities (including offshore) and transport networks.
- Operation & production: multiple risks including property damage / “all risks” covers as specified by the policy.
- Field maintenance: cleaning and maintenance to extend productive life.
Additional Covers within the Policy (No extra premium)
- Removal of debris
- Fire-fighting expenses
- Additional acquisition and additions
- Additional costs incurred by conforming with public authority requirements
Exclusions (Summary)
- Fully excluded risks not insurable even with extra premium.
- Excluded risks that can be added for extra premium.
- Covers that may be difficult to purchase because they are typically covered under specialized standalone policies.
- Commercial losses such as loss of market.