{"id":4497,"date":"2022-10-25T11:06:52","date_gmt":"2022-10-25T04:06:52","guid":{"rendered":"http:\/\/ligaasuransi.com\/?p=4497"},"modified":"2024-08-09T13:59:33","modified_gmt":"2024-08-09T06:59:33","slug":"5-hal-yang-perlu-diketahui-mengenai-umbrella-liability-untuk-industri-migas","status":"publish","type":"post","link":"https:\/\/ligaasuransi.com\/en\/5-hal-yang-perlu-diketahui-mengenai-umbrella-liability-untuk-industri-migas\/","title":{"rendered":"5 Things You Need to Know About Umbrella Liability for the Oil and Gas Industry"},"content":{"rendered":"

Dear readers, how are you? I hope you and your business are always in good shape and continue to grow. We will review liability insurance in the oil and gas industry again this time.\u00a0<\/span><\/p>\n

As we all know, Indonesia’s oil and gas industry is an essential sector in national development, meeting energy needs and raw materials for domestic industries and even as a foreign exchange earner.<\/span><\/p>\n

However, during the operation of the oil and gas industry, it turns out that there are many risks of accidents that can occur at any time. So there is a need for risk management and broader insurance coverage to protect contractors. One insurance guarantee is needed by the oil and gas industry, namely Umbrella Liability insurance. The Umbrella Liability insurance policy coverage is specifically designed to address the great dangers and responsibilities that come their way.<\/span><\/p>\n

You can read a complete explanation in this article. If this article interests you, please share it with your friends so they can understand it as much as you do.<\/span><\/p>\n

Understanding Umbrella Liability<\/b><\/p>\n

Umbrella Liability insurance is an insurance policy that can help cover losses above the limit guaranteed in existing (underlying) insurance policies such as General Liability, Workmen’s Compensation, and Automobile Liability. Because the risk is enormous and can be catastrophic, the Oil and Gas industry needs to have an Umbrella Liability specifically designed to provide maximum coverage in the event of an accident.\u00a0<\/span><\/p>\n

Difference between Umbrella Liability and Excess Liability<\/b><\/p>\n

The difference between Umbrella Liability and Excess Liability is the coverage area. The excess liability policy will work if the limit has expired, while the Umbrella Liability insurance policy can be used as an “ad hoc” if the insurance policy allows it. Umbrella policies can even be used as the primary policy in some industries. So the term Umbrella is how it can protect the insured more than that offered by the primary policy.<\/span><\/p>\n

The advantages of Umbrella Liability<\/b><\/p>\n

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  1. Occurrence-based. This guarantee is given based on the time of the accident. Including legal costs due to pollution<\/span><\/li>\n
  2. Clean-up costs due to the occurrence of policies originating from oil and gas spills, including on-site activities, equipment in yards, and work sites, provided that the incident is covered under the Underlying Insurance policy.<\/span><\/li>\n
  3. Personal injury and property damage due to pollution from sudden accidents, including accidents originating from the site and yard equipment. It provided that the Underlying insurance covers the risk.<\/span><\/li>\n
  4. Replacement due to damage to property under the well and equipment. With the condition that the guarantee is guaranteed in the General Liability insurance policy. Suppose the policy is extended with Contractual Liability coverage due to pollution and other claims. Other costs are the responsibility.<\/span><\/li>\n
  5. Co-owners submit various claims and claims from the well-being worked on.<\/span><\/li>\n
  6. The additional guarantee comes from the other insured if it is in the underlying insurance policy.<\/span><\/li>\n<\/ol>\n

     <\/p>\n

    The Umbrella Liability insurance policy has the following coverages:<\/b><\/p>\n

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    1. Body injury and property damage liability<\/span><\/li>\n
    2. Personal injury liability<\/span><\/li>\n
    3. Advertising injury liability<\/span><\/li>\n
    4. Optional excess automobile liability and employers liability<\/span><\/li>\n<\/ol>\n

       <\/p>\n

      Who Needs This Coverage?<\/b><\/p>\n