HOUSTON--(BUSINESS WIRE)--
Travelers today announced the availability of higher limits and broader
Care, Custody and Control coverage for oil and gas well operators,
non-operators and drilling contractors, who are being asked to assume
more financial responsibility for loss or damage to non-owned equipment
located at oil or gas lease sites.
More and more contracts for specialized oil and gas field services, such
as well-fracturing services, are incorporating a “special event” or
“catastrophe” clause that makes the operator responsible for damage to
the service provider’s equipment at the lease site, whether the insured
leases or rents the equipment or has it in its care, custody and
control. The EnergyPro® Care, Custody and Control Broadening
Amendment was designed to enhance coverage for this type of liability.
“The EnergyPro® Care, Custody and Control Broadening
Amendment provides additional protection to oil and gas operators,” said
Richard G. Gustafson, President, Travelers Oil & Gas. “This is an
important change, particularly in today’s environment where an operator
may be assuming responsibility for non-owned equipment with total values
in excess of $5 million while it is concentrated at a lease site.”
In addition to the new broadened coverage, Travelers Oil & Gas is also
addressing operators’ and drilling contractors’ need for higher Care,
Custody and Control limits. While typical industry limits for Care,
Custody and Control have ranged from $1 million to $5 million, Travelers
Oil & Gas can provide limits up to $30 million with the EnergyPro®
Control of Well Insurance Form. Higher Care, Custody and Control limits
are available upon request.
“The combination of the broadened coverage and higher limits for Care,
Custody and Control provides our customers with an additional level of
protection in an environment where their exposure to financial loss has
increased dramatically,” Gustafson said.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
The company’s diverse business lines offer its global customers a wide
range of coverage sold primarily through independent agents and brokers.
A component of the Dow Jones Industrial Average, Travelers has more than
30,000 employees and operations in the U.S., Canada, U.K. and Ireland.
The company generated revenues of approximately $25 billion in 2010. For
more information, visit www.travelers.com.
MEDIA CONTACT:
The Travelers Companies, Inc.
Gail Liebl,
651-310-6902
Source: The Travelers Companies, Inc.