Oil and Gas Lease Property Insurance Coverage - EnergyPro®
The oil and gas industry faces a wide variety of unique risks. Travelers EnergyPro® Oil and Gas Lease Property coverage is specifically tailored for oil and gas lease operators. From scheduled oil or gas lease property and equipment, to crude petroleum in tanks, to unscheduled oil or gas lease property and equipment at unscheduled locations, Travelers Oil & Gas offers flexible coverage to help keep your business protected.
What Types of Equipment Are Included Under Oil and Gas Lease Property Coverage?
Below are the types of equipment that are typically included, along with the key coverages Travelers offers to help protect our customers’ assets.
Oil and Gas Lease Property and Equipment
- Blanket or scheduled property and equipment (limits of insurance apply at premises shown in the schedule).
- Property and equipment may be described on the policy or in a separate schedule on file with us.
- Valuation is based on either replacement cost or actual cash value (ACV) options selected at policy inception.
Crude Petroleum In Tanks
- Crude petroleum in above-ground tanks less than 10,000 barrels capacity located at or adjacent to any well or lease site used for your oil or gas lease or well operations, injection well operations or disposal well operations at the site.
- Crude petroleum loss valuation based on market price, or contract price if higher, on date of the loss, plus any gathering or transportation costs.
Unscheduled Oil or Gas Lease Property and Equipment Coverage
- Coverage applies to unscheduled property and equipment at unscheduled locations.
- An each-item limit may apply.
- Valuation based on either replacement cost or actual cash value (ACV) options selected at policy inception.
- Debris removal
- Fire protection systems
- Newly acquired oil and gas lease property and equipment
- Pollutant cleanup and removal
- Removal and eplacement of underground pumps expense
Who Is Oil and Gas Lease Property Insurance Right For?
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