oil and gas industry insurance

Since 1914, when Alberta's first major oil field was discovered at Turner Valley, Alberta's energy industry has seen tremendous growth. The vast majority of Alberta's oil is found in the Alberta oil sands. According to the Government of Alberta Energy Ministry, about 99 per cent of Alberta's total oil reserves come from the oil sands and the remaining 1 per cent comes from conventional crude oil.

Alberta's oil sands are found in northern Alberta in the areas of Athabasca (Fort McMurray), Cold Lake and Peace River.

Alberta alone accounts for more than 96 per cent of Canada's oil reserves and in 2010, about 140,000 people were directly employed in the mining, quarrying, oil and gas extraction sector, including the oil sands. In 2009, the energy sector accounted for over 23 per cent of Alberta's GDP.

As one of the 140,000 people employed in the Alberta oil industry, having commercial property and liability protection is key.

Commercial property insurance: Alberta energy-oil industry insurance

In general, commercial property insurance provides coverage for your contents, stock and equipment against physical loss or damage.

For oil well operators-battery, oilwell pumpers, gas compressor station operators, oilfield consulting and oil/gas lease site maintenance professionals this typically means your equipment, tools, computers, and location devices not to mention property which may not be yours but for which you are liable.

For oilfield trucking operations this means coverage that protects the cargo you're hauling as an oil field trucking operation, as well as any tools or other property used over the course of the day in the operation.

Commercial General Liability: Alberta energy-oil gas insurance

CGL insurance is designed to cover claims against your business for bodily injury or property damage to other people and is often purchased by oil well operators-battery, oilwell pumpers, gas compressor station operators, oilfield consulting and oil/gas lease site maintenance professionals and those in oil field trucking.

The commercial insurance quotes you get through Kanetix.ca will include $2 million of commercial general liability coverage in the event you're found legally responsible for injuries or damages suffered by another. Although this amount is the default, when you connect with the commercial insurance broker to discuss the quote further, this amount can be increased to meet your unique needs.

Get a quote today that meets the unique oil gas insurance needs of Alberta's oil industry, and includes both commercial property and liability: get an online oil & gas insurance quote.

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