INTRODUCTION. Axis Insurance Managers specializes in structuring bespoke insurance solutions for the Oil & Gas Contracting Industry.
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1 INSURANCE GUIDE INTRODUCTION Axis Insurance Managers specializes in structuring bespoke solutions for the Oil & Gas Contracting Industry. We have developed relationships, programs and facilities with leading insurers who understand the risks and business of heavy equipment contracting relative to oil and gas exploration in Alberta and North Eastern BC. Axis Insurance Managers has specific experience with contractors involved in seismic line cutting, road building and maintenance, lease pad construction, pipe laying and facility site maintenance. Heavy equipment contractors face many s to loss emanating from their operations and management liabilities which gaps and reducing overall premium levels. We are keen to work with your management team to identify these areas of risk, and to propose appropriate risk transfer solutions through products. Our goal is to provide the best service, advice and products to the oil & gas contracting industry. We have a fully qualified team of professionals with extensive experience in this field to assist you in creating the best Insurance protection at reasonable and fair premium savings. document for discussion purposes only. It is not necessarily an exhaustive list of your s to loss or that is available. policies. Axis has attempted to streamline reducing the number of different policies required, while filling Prepared by: Axis Insurance Managers Inc. # W. Georgia St., Vancouver, BC V6G 2T3 Tel
2 Insurance & Risk Management QUICK Guide The following chart is a summary of the products that are available to address the many risks faced by oil & gas contractors. If all s are insured, premiums can become unaffordable, therefore it is likely that purchases will be selective in order to contain the premium costs. Some premiums can be reduced by selecting limited forms of and/or by assuming higher deductibles. With respect to, the limit will have a significant impact on the amount of premium. Corporations are often required to purchase specific types of to satisfy contractual requirements, such as lease obligations to landlords or of course the very onerous agreements now being demanded by the oil and gas majors. If possible, risks should be transferred contractually to third parties such as sub-contractors or joint venture partners. However, this does not always negate the need for. When transferring risks to insurers, the focus should be on unmanageable risks that can have a significant impact on your corporate treasury and the long-term viability of your company. TYPICAL INSURANCE COVERAGE OPTIONS Policies that Protect Physical Assets Mobile for heavy equipment and other assets used in the field Property for buildings and contents Boiler & machinery Office Contents Package Automobile Loss of income & extra expense Crime Liability Insurance Policies that Protect Against Liability Arising from your Negligent Acts General Environmental Automobile Motor truck cargo legal Towing Non-owned aircraft Employment practices Employers Other Coverage Options Accident Control of well / operators extra expense Directors & officers This list is merely a sample of typical policies available and which insure the vast majority of s facing your industry. Other risks and s may require alternate solutions 2
3 PHYSICAL ASSETS Heavy equipment Miscellaneous property: camps, camp equipment, field equipment, mechanic s tools, ATVs and snowmobiles Office contents: furniture, fixtures, fittings, tenants improvements, computer equipment and telephone systems Contractors equipment Property Property or Office Contents Package Is ice and muskeg included or required to be added separately? A schedule should be prepared with values agreed on either an actual cash value or replacement cost basis, or a combination of both How is depreciation dealt with on loss settlements? How does the policy deal with costs associated with the transportation and commissioning of specialty, or remote location, items? There should be a provision, with adequate limits, to automatically insure newly acquired, rented, or otherwise assumed for care, items for a period of time Licensed equipment may need to be insured under an automobile policy Consideration should be given to the maximum accumulation of values at any given location to ensure limits are adequate or whether is warranted In addition to the same key considerations above Policies may contain geographical limitations Fuel values in mobile and field storage tanks should be insured Insurance may be required by the lease agreement, due to the Landlord s interest in Tenants improvements Assets should be valued and insured on a replacement cost basis Laptop computers may be excluded when off premises, or may not apply outside of North America Coverage should include earthquake and flood. Coverage should be extended to include property in transit Various extensions of can be included. Coverage should be included for extra expenses you will incur to continue your business operations in the event of a fire or other insured loss or damage at the premises Coverage territories should be reviewed to ensure adequacy in the event of international business travel 3
4 PHYSICAL ASSETS Loss of income & extra expense Business interruption or extra expense Insurance or rental reimbursement Insurance Protects against loss of income in the event of loss or damage to insured property Policy covers standing charges that continue in the event of shut down Various forms of are available Coverage for the extra expense incurred to resume normal business operations in the event of an insured loss Coverage for the additional costs of renting and transporting replacement heavy equipment or other field items after loss Automobiles Automobile Licensed automobiles, crew units, ambulances, potentially specially licensed ATVs, etc. Money and securities Crime Coverage available in a variety of degrees, from simple overnight cash to protection for electronic diversion Employee theft Crime It has become increasingly common for business owners to underestimate or even outright dismiss the to employee theft Multi-million dollar, multi-year claims are not uncommon It is important to consider that longer term employees and lack of attention to controls is an equation that is usually present in employee theft losses Consider potential for diversion of funds paid to fictitious subcontractors or other service providers or otherwise electronically diverted. Coverage is typically very inexpensive vis-à-vis limits available 4
5 LIABILITY RISKS Bodily injury, property damage, personal injury Commercial general This policy can be amended to include various extensions of : Advertising (web site) Employee benefits E&O Tenants legal Forest fire fighting expense Pollution Well head and /or underground damage Non-owned automobile Snowmobiles and ATVs Environmental damage Aviation Forest fire fighting expense Automobile Liability for hauling third party equipment Pollution policy or extension to general policy or, control of well / operators extra expense Non-owned aviation or special extension to general policy Must be added by endorsement to the general policy Auto (ICBC in BC) Motor truck cargo legal Legal for damage to the environment First party and third party property clean up expense How does the interaction of typical general base wordings, pollution endorsements, and oil and gas endorsements affect relative to coming into contact with well heads, or underground pipelines Wordings in this regard can be very complex, and require specific analysis Contingent arising from chartered (non-owned) aircraft, including helicopters. Liability arising out of the construction and/or maintenance of helipads or landing strips Expenses charged against you for third party costs for fighting a fire Are all vehicles (owned and non-owned) properly insured? Are you adequately protected when you rent vehicles? Wordings can vary greatly and have many loopholes; it is important to understand potential limitations re: offloaded goods that remain in your care, detached trailers, using different power units, loading and unloading, etc. How is limit of responsibility established? Policies can respond very differently depending on absence of bills of lading or other contract 5
6 LIABILITY RISKS Towing legal Management Workplace liabilities May be attached by endorsement to various policies Directors and officers Employment practices How does respond where no contract or other documentation exists? Field employees should have a good understanding of the potential risk the company faces due to towing trucks etc with heavy equipment Standard D&O with entity for securities claims Excess Side A DIC to add protection for the benefit of the directors and officers only Discrimination, harassment wrongful dismissal and other workplace violations are giving rise to increasing litigation in Canada against corporations and their employees Camp Commercial general Important to ensure that insurers are aware of any camp operations where services are provided to third parties What is regarding sewage and other waste removal? 6
7 RISK MANAGEMENT GUIDE Employees Work relative to exploration / road building projects Forest fire Sub-contractors Pollution Oil & gas majors Are all employees covered under workers compensation? Have you purchased accident for senior employees? Have you developed a safety training program or follow specifically one that is imposed by regulation or oil and gas major? Have all underground pipelines and well heads in the area been mapped and identified? Is it clear who assumes responsibility for determining locations of underground pipelines and well heads? Is there any potential for a forest fire at any of your projects? Have you implemented any controls with respect to burning debris? Have you established a no smoking policy? Do your sub-contractors have forest fire fighting expense? This needs to be specifically added to the policy. Are their limits adequate? Do you have contracts with all sub-contractors? Do you require sub-contractors to purchase adequate and adequate limits of? Do you ask to be added to their policy as an additional insured? Do you ask for proof of? Do you have an arising from your sub-contractors operations with respect to storage of fuels and other pollutants? Does the sub-contractor have pollution and have you been name don the policy? Does the sub-contractors policy provide for forest fire fighting expense? Do you keep or store any pollutants at your project sites? Do you have any above ground or underground storage tanks? Have you developed a clear plan for responding to and reporting spills? Are all employees aware of the plan? Are sub-contractors required to carry pollution? Contractual requirements relative to indemnity and hold-harmless clauses are becoming more and more onerous on contractors in the field Does your provider have the ability to provide advice on how policies address / don t address certain language in indemnity clauses? Do you obtain legal advice as to how to otherwise mitigate catch all clauses imposing on your company? 7
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