Rig insurance policy

Oil Rig insurance

Oil Rig insurance policy is designed to provide comprehensive insurance package coverage for the myriad of complex risks presented by the offshore and onshore exploration, production and contractor segments of the upstream oil and energy industry.

Rig Insurance policies covering oil rigs are standard policies that are managed according to risk specificities.

This policy is necessary for Upstream, oil and gas, both onshore and offshore including owners, operators and contractors.

 

The rig insurance is included two parts:

  1. Hull & Machinery

Offshore Unit's Hull, Machinery and Equipment and everything connected therewith, nothing excluded, including miscellaneous equipment, consumables and materials while in transit or in storage.

  1. Liability

Including coverage as per Liability arising to the Insured as per Article 7 of the International Convention on Civil Liability ( or agreed ) for Bunker Oil Pollution Damage, 2001; subject to a standalone limit.

 

CHOICE OF LAW & JURISDICTION:

This insurance shall be governed by and construed In accordance with the law of Iran and each party agrees to submit to the exclusive jurisdiction of the Courts of Iran in the event of a dispute arising hereunder.