Oil Risks
The Oil and Gas Risks Insurance was developed to protect companies working with the prospection, exploration, and production of oil and gas (Upstream), both offshore and onshore. Such activities are complex and may involve significant risks with a need of indemnification for damages to the actual working site (offshore construction), to the equipment and/or to the object of the service provision (physical damages), and to third parties (civil liability), whether bodily, material, and/or moral, provoked by such operations.
About the Insurance
Assured:
Oil and gas wells operators and owners, Drilling companies, Oil and gas extractive operations related services providers, and Platform services providing companies.
Coverage:
Drilling rigs and/or production of oil and gas, Storage ships, Exploration, development, production, and transportation activities.
Beneficiary:
Legal entity designated to receive the Indemnification in case of Claim.
Covered Risks:
Accidents during drilling, Oil, leakage, Equipment damages, Production downtimes, and Environmental Civil Liability, among others.
Indemnification:
Pecuniary value the Insurance Company is contractually obliged to pay to the Beneficiary, provided the claim is covered in the insurance policy.
Claim:
The occurrence of a risk covered by the policy, causing losses to the Assured; when not included in the insurance contract, it is referred as risk or non-covered occurrence.
SUSEP Circular No 621/2021 – Art. 5: The insurance proposal and contract conditions shall inform, in accordance with the remaining requirements included in current regulation, the following:
I – the acceptance of the insurance proposal is subject to risk analysis;
II – product registration is automatic, and does not indicate approval nor
recommendation from Susep; and
III – the policyholder may verify the status of both the insurance broker’s registration and the insurer’s registration at the website www.susep.gov.br.
§ 2: The information in the item II above shall be inserted, necessarily, in each and every marketing and advertising material used.
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