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How Energy Insurance protects against Environmental Disasters

What is energy insurance policy?

Energy insurance policy is an insurance policy designed to meet the needs of small, medium and large businesses within the energy sector.

Energy Insurance policies are offered by insurance companies that seek to cover various aspects of energy businesses as well as the risks such businesses may encounter in the course of doing business.

Who Energy Insurance policies cover

The types of companies covered by energy insurance services include energy consultants, drilling contractors both onshore and offshore, drilling mud dealers and energy related product manufacturers.

Other situations that may be covered include environmental disasters, oil spills, employees’ kidnappings and more. LPG gas dealers, oil and gas service contractors, oil and gas lease operators, petrochemical contractors as well as all types of contractors within the energy industry.

Types of energy insurance

Like in most of the other types of insurance coverage, there are different types of energy insurance policies offered by insurance companies.

Some of the common policy types are oil and gas insurance, pollution liability insurance, on and offshore drilling insurance and inland marine insurance.

Oil and Gas Insurance

Oil and gas insurance is specifically designed to take carte of the liability cases that may result in the oil and gas industry. These liability issues include oil and gas equipment failure, oil and gas workers compensation and more.

Pollution Liability Insurance

Pollution liability insurance seeks to cover the environmental liabilities that are common within the energy industry. Often, these cases result from on-site operations that may include drilling and such other activities that may over time contribute to the degradation of the environment.

On and Offshore Insurance

The on and offshore drilling insurance service usually caters to the risks arising from oil and gas exploration activities.

Inland Marine Insurance

The inland marine insurance specializes on the coverage of goods during transportation both on land and in the sea.

Benefits of energy insurance

Like any other insurance coverage, energy insurance protects your business interests from risks that can have devastating effects on your personal and business finances.

Energy insurance also gives the insured peace of mind that his business will continue to operate in case any of the covered risks occur. By securing the future of the business, the business owner is able to relax and focus more on other important parts of the business like production and profit.

The insurance company assumes the risks while your business and family’s future are secure.