Rigs and Equipment Coverage - EnergyPro®
Whether your oil or gas rigs and equipment are on the move or stationary in the field, Travelers EnergyPro® Rigs and Equipment insurance coverage provides protection for these valuable assets.
What Types of Equipment Are Included in Rigs and Equipment Coverage?
Below are the types of equipment that are typically covered under Travelers Rigs and Equipment coverage:
- Well servicing, well drilling or well work over rigs and equipment, and scheduled vehicles.
- Machinery, tools, appurtenances, derricks and substructures.
- Similar property of others in your care, custody or control.
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Coverages Under Rigs and Equipment Insurance
Coverage highlights under EnergyPro® Rigs and Equipment insurance include:
- Coverage for additionally acquired property
- Pollutant cleanup and removal
- Debris removal
- Preservation of property
- In-hole salvage expenses
Additional specialized options to meet your needs include:
- Suspension (“layup”) coverage offers a reduced premium for rigs and equipment that are not in use.
- Flood or earthquake coverage.
- Replacement cost coverage without deduction for depreciation.
- Agreed value coverage that can provide up to the dollar value of the policy agreed upon by you and Travelers for a total loss.
Insights & Expertise
Having a comprehensive contractual risk transfer (CRT) program can be a critical component in managing risks in the oil and gas industry.
Having well-documented policies can help companies safely and efficiently onboard employees.
Taking measures to effectively manage risks when hiring oil and gas subcontractors can help operators safely and efficiently transport equipment and materials.