Insurance For Oil Refineries
Oil refineries employ many engineers, scientists, and safety professionals to ensure crude oil products are produced safely, efficiently, and in good quality. However, it’s no secret that operating oil refinery comes with danger and risk. Whether you are an area coordinator, operations supervisor, mechanical worker, process operator, or someone in another role, being exposed to hazardous materials and dangerous working conditions have many risks. At ALIGNED, we want to ensure your business is protected wherever you work in the Alberta oil fields or elsewhere.
Why is Oil Refinery Company Insurance Important?
Where there is danger, there is a risk. When you are working in an oilfield or oil rig, there are many dangers and risks to the safety of your workers, as well as their surroundings. Some of these dangers include:
- Fires and explosions caused by flammable chemicals in the refinery causing significant damage to property, machinery etc.
- Air pollution and site contaminations from the release of fumes, chemicals, and hazardous materials.
- Bodily injuries caused to third party contractors, inspectors, visitors etc. in course of operations.
Having appropriate oil refinery company insurance not only shows that your business is responsible, but it also protects your business against liability and third-party claims.
What Does Oil Refinery Company Insurance Include?
The exact amount of coverage for your oil refinery company insurance is highly dependent on your business circumstances. You will have to consider your risk management concerns, working conditions, budget, and specific job requirements.
Here’s what you can expect when looking for oil refinery company insurance:
Commercial General Liability Insurance – Also known as CGL insurance, commercial general liability insurance is common for oil refinery companies. It provides coverage for bodily injury and property damage caused by regular daily operations on-site.
Cargo Insurance – When transporting goods, such as crude oil and specialized equipment, cargo insurance provides coverage for the damages and losses that can occur to the cargo or for the professional liability of cargo and freight workers.
Pollution Liability Insurance – Covers claims of environmental damage and cleanup costs associated with spills, site contaminations, and other pollution incidents.
Property Insurance – You will need equipment, machinery, and buildings to get your job done. Property insurance covers damages and losses to your equipment, machinery, supplies, commercial property, and any tools you use on the job caused by natural disasters, weather conditions, theft, etc.
Machinery Breakdown – given the extent of specialized equipment and pressure vessels at any refinery machinery breakdown insurance aka boiler & machinery insurance is a critical coverage to protect refineries from property damage or fires resulting from a pressure vessel, electrical arching etc.
Find the Right Insurance For Oil Refineries from ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.