How Much Is Liability Insurance For Oil and Gas Contractors?
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The oil and gas industry is a pillar of the Canadian economy which provides over 500,000 direct and indirect jobs and makes up nearly 6%-10% of Canada’s gross domestic product (GDP). The oil and gas industry is fueled by people, many of which are independent oil and gas contractors or work for small, medium and large oil and gas contracting firms that provide all sorts of products and services to oil and gas companies. Regardless of whether you are actively and physical working on wells and/or pipelines, doing inspections or providing advice, guidance and/or recommendations on design, operations etc. the experienced business insurance brokers at the commercial insurance brokerage ALIGNED Insurance can help!
Factors Impacting How Much Liability Insurance For Oil and Gas Contractors Costs
How much is liability insurance for oil and gas contractors depends on a number of factors and is determined with the support and direction of actuaries at the Canadian insurance companies that offer insurance for oil and gas contractors. Some of the main factors that impact the cost of insurance for oil and gas contractors are as follows:
- Amount of work projected i.e. projected revenue for 12 months
- Type of work – professional advice vs. manual labour/physical work
- Experience & expertise of people doing the work
- Amount of insurance needed
- Insurance deductible levels
- Insurance claims history for similar products
- Type of insurance needed ex. commercial general liability, professional liability and/or contractors pollution liability etc.
What Types Of Insurance Do Oil And Gas Contractors Need?
What types of insurance oil and gas contractors need is dependent on their operations and below is a brief explanation of what each type of liability insurance product for oil and gas contractors covers.
Commercial General Liability Insurance For Oil And Gas Contractors – commonly called CGL, GL or General liability insurance this product is the most commonly purchased type of insurance by oil and gas contractors and covers the bodily injury and/or property damage caused mainly from physical work performed.
Professional Liability Insurance For Oil And Gas Contractors – also known as E&O Insurance is a commonly purchased and required insurance product for oil and gas contractors and consultants. It covers the financial loss, physical damage and/or bodily injury caused by non physical work like design, inspections etc.
Pollution Insurance For Oil And Gas Contractors – given the potential for contaminating soil and/or causing damage to property or people’s health oil and gas contractors buy pollution liability insurance that typically covers the cost to remediate soil and water from a spill and also typically covers liability for damage to property or injuries/sickness of third parties caused by a spill or leak.
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