Oil, Gas & Energy Insurance
Commercial Property Insurance
for Oil, Gas & Energy
Well equipment, processing facilities, compressor stations, and storage tanks represent enormous capital investment. Commercial property coverage protects these assets from fire, explosion, equipment breakdown, and other physical loss events that are all too common in energy operations.
Industry-Specific Insight
Why Oil, Gas & Energy Businesses Need Commercial Property Insurance
Well equipment, processing facilities, compressor stations, and storage tanks represent enormous capital investment. Commercial property coverage protects these assets from fire, explosion, equipment breakdown, and other physical loss events that are all too common in energy operations.
Coverage Details
What Commercial Property Insurance Covers
Key protections included in a commercial property policy for oil, gas & energy operations.
FAQs
Common Questions from Oil, Gas & Energy Businesses
What types of oil and gas equipment can be insured?
Wellheads, pump jacks, separators, compressors, generators, storage tanks, and other surface equipment can all be scheduled on a commercial property or energy equipment policy.
Does commercial property cover blowouts or well control events?
Standard commercial property does not cover well blowouts. Well control insurance is a separate, specialized coverage for oil and gas operators that covers regaining control of a well.
Does commercial property insurance cover flood or earthquake damage?
Standard commercial property policies typically exclude flood and earthquake damage. Separate coverage is available and may be worth considering depending on your location. A licensed agent can help you assess your exposure and find appropriate coverage.
What's the difference between replacement cost and actual cash value?
Replacement cost coverage pays what it costs to replace or rebuild damaged property at today's prices, without depreciation. Actual cash value accounts for depreciation, meaning you may receive less for older items or equipment. For most businesses, replacement cost is the preferred option.
Complete Coverage
Other Coverages Oil, Gas & Energy Businesses Commonly Need
A complete protection plan for oil, gas & energy operations typically includes several complementary coverages.
Oil, Gas & Energy · Commercial Property
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