Oil and Gas Control of Well Insurance
Today, well control coverage is available in two basic policy forms:
- Operator's Extra Expense (OEE)
- Energy Exploration and Development (EED 8/86)
Over the years, other forms of insurance for energy operations have been introduced; however, most of those are no longer readily available.
Oil and Gas Insurance as it pertains to Control of Well Policy is designed to pay costs involved in making the well safe after a blow-out or getting the well under control, re-drilling a well to the depth reached prior to the well being out of control or blown out, costs for clean-up and containment and for damages caused by contamination and pollution.
Primary coverages which can be attained under the forms of insurance in question are:
- Seepage and pollution/Clean-up and contamination
- Care, custody and control (third party equipment)