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Energy Insurance Services

Energy Insurance Services by Bajaj Allianz

Introduction to energy insurance

To power its rapid economic growth, a developing country like India needs steady supplies of energy. The development of on-shore and off-shore oil and   gas infrastructure is a major thrust area for both public and private sector companies, to meet surging demand. The push towards manufacturing requires steady investments in commercial power generation, without which the sector may not be able to fully capitalize on growth opportunities. Even though the search for non-polluting energy sources is intensifying, fossil fuels are likely to be widely used in industrial and commercial applications for the foreseeable future.

Energy Insurance underwrites the development of the energy industry. It enables businesses to manage risks and allows them to become resilient in terms of the financial impact of accidents. When risks are brought under control, aggressive expansion through the adoption of state of the art technology becomes simpler. Investing in Energy Insurance can impact both the strategic and operational direction of your business.

From project planning and conceptualization to implementation, Bajaj Allianz helps businesses turn ambition into reality. When the stakes are high, our solutions provide an element of confidence and predictability to the energy sector and supports strong business outcomes. Strong credentials and a customer centric mindset make Bajaj Allianz an ideal partner for your Energy Insurance needs.

With a truly global reach, integrated risk consulting and claims approach and a team of highly qualified lead underwriters, Bajaj Allianz partners the Oil and Gas industry to assess, identify and manage the risks involved in managing off-shore and on-shore infrastructure such as refineries, oil rigs etc.

BENEFITS OF ENERGY INSURANCEThe high capital costs involved in such oil and gas projects demand specialist insurance solutions that provide comprehensive, affordable and flexible coverage. Bajaj Allianz Energy Insurance helps protect the bottom line, strengthens business continuity and promotes greater confidence among investors. Here’s why Energy Insurance is vital for business:

Risk consulting

Identifying potential risks as early as possible can dramatically improve the viability and sustainability of energy projects. Read more

Risk consulting

Identifying potential risks as early as possible can dramatically improve the viability and sustainability of energy projects. With extensive experience across multiple domains including oil and gas exploration, pipeline inspection and design consultancy, our team of experts can help you carry out risk assessments, recommend safety measures and provide peer support in implementing projects. We help you get a fresh perspective that facilitates faster decision making, saving time and money.

Tailored solutions

Should an emergency arise, Bajaj Allianz leverages its global network to deliver customized insurance services. Read more

Tailored solutions

Should an emergency arise, Bajaj Allianz leverages its global network to deliver customized insurance services. These include foreign coverage or locally administered policies. When an emergency strikes, our team can help you minimize disruptions, control costs and return to business as usual quickly. By using analytics and flexible risk management tools, we make your business resilient and future-ready.

Ensures investor confidence

With Bajaj Allianz Energy Insurance, a greenfield project is likely to receive approvals and funding faster. Read more

Ensures investor confidence

With Bajaj Allianz Energy Insurance, a greenfield project is likely to receive approvals and funding faster. Our experts can help you analyze all aspects of risk and develop a competitive and complaint risk management plan. This will not only ensure that your project stands up to investor and regulatory scrutiny but also improve your prospects of securing resources for follow-on projects.

Loss control

While risks are an inherent part of oil and gas infrastructure and the potential for sabotage, terrorist attacks and arson remains high, Read more

Loss control

While risks are an inherent part of oil and gas infrastructure and the potential for sabotage, terrorist attacks and arson remains high, Bajaj Allianz Insurance ensures that any long term financial losses are contained. Lawsuits due to industrial accidents such as oil spills and their environmental fallout can lead to reputational and business impact. Bajaj Allianz Insurance can help limit your liability in such cases.

What is on-shore and off-shore energy insurance?

    The energy industry has been registering strong growth over the past few years. Strategic initiatives include the use of SAP applications in power generation and logistics as well as renewable sources of energy are gaining attention. Power generation, storage and distribution infrastructure is primarily classified into on-shore and off-shore units. Bajaj Allianz offers integrated Energy Insurance solutions that cater to both verticals.

    On-shore assets include refineries, petrochemical plants, gas works, terminals and tank farms, underground oil facilities and chemical fertilizer plants. Bajaj Allianz on-shore Energy Insurance solutions cover built-up areas, machinery and equipment, providing redundancy and business continuity in the event of an emergency.

    Off-shore assets relate to exploration, development and production assets, mobile off-shore drilling units and offshore construction activities. Our off-shore Energy Insurance solutions provide general and excess liability protection ensuring that businesses can carry out offshore exploration and exploitation of resources while keeping operational and occupational risks under control.

What is covered in energy insurance?

    Due to the huge capital outlays involved, oil and gas infrastructure is considered high risk. Both on-shore and offshore assets are exposed to a number of risks that have the potential to impact operations and undermine profitability. Bajaj Allianz Energy Insurance provides businesses with a flexible tool to meet the most demanding operational challenges. Our proven experience and business expertise gives us the ability to underwrite risks in more than 160 countries around the world.

    As supply chains become increasingly integrated, any disruption in energy production and distribution can impact revenues and new opportunities substantially. Bajaj Allianz Energy Insurance offers integrated on-shore and off-shore solutions that enables business to undertake risk reduction and loss control.

    When it comes to on-shore assets, Bajaj Allianz Energy Insurance provides turnkey coverage for assets such as physical buildings and equipment. It protects the installed production capacity of the business.

    Energy Insurance solutions for off-shore assets allow Oil and Gas businesses to explore opportunities in new markets, adopt the latest technology and increase output while building capabilities for long-term growth.

Here’s how our Energy Insurance solutions are the best fit for your Energy Insurance needs.

    • Onshore property, including equipment coverage
    • Offshore property, including rig physical damage and offshore construction
    • Construction coverage for onshore energy projects
    • Business interruption/loss of production income
    • Control of well/operators extra expense costs/re-drill/seepage/pollution
    • Excess liability/umbrella
    • General liability
    • Hull and machinery/total loss cover/freight interest/loss of hire
    • Package options, including:
    • Boiler and machinery
    • Cargo, transit
    • Project Cargo
    • Contractors equipment
    • Extra expense
    • Miscellaneous marine liability
    • Third party liability

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Disclaimer

I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.

Disclaimer

I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.

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