WorldWide Drilling Resource

Insurance? You’re Covered! Adapted from Information by Blackadar Insurance Agency When it comes to protecting your jobsite, insurance may not be the first thing that comes to mind, but maybe it should. Purchasing insurance allows protection to start before you even get to the jobsite. While onsite, there are numerous valuable assets requiring protection - automotive, human, equipment, and property of others. The exposures are both aboveground and belowground, and can cause major losses. In addition to workers’ compensation, general liability, and property insurance, drilling contractors should also consider these helpful insurance coverages: • Installation Floater - If a drill operator is installing a pump, and they drop it causing damage, or drop it down the hole and can’t retrieve it, the installation floater pays to repair or re- place the damaged pump and also includes the labor costs the contractor would experience, due to the incident. • Bailees Coverage - If a contractor is responsible for pulling a pump to service or repair it and it gets dropped or damaged in transit, the contractor is responsible for the equipment in their care, custody, and control. Bailees coverage would cover this type of exposure. • Down the Hole - Ever lose tools down the borehole? This cov- erage replaces the items lost down the hole. • Drill Rig Loss of Income - Your drill rig is one of the most valu- able assets and should it be damaged in an auto incident, catch on fire, be vandalized, or stolen, you will lose income generated by the rig. Since they are not easily replaced, and can take months to repair, loss of income coverage would allow you to continue operating your business during the replacement or repair process. Understanding the complex challenges and risks involved with drilling can be difficult to those who don’t know the difference between a water well and a monitoring well, or a drill rig and pump hoist. This is why it’s important to work with an insurance company with knowledge about the drilling industry and how it works. 16 OCTOBER 2018 WorldWide Drilling Resource ®