Insurance is granted for : Mobile off-shore drilling units (drill ship and rigs). Off-shore platform for production and processing. Associated pipelines, cables, etc.These policies are issued in Marine Hull Department and are granted to Oil and Natural Gas Corporation which is engaged in oil and gas exploration and production at sea. The Policy shall cover : Insurance of aircraft against loss or damage. Insurance of legal liability to third parties and passengers. Insurance of legal liability for freight, mail, etc. carried. Insurance of pilots, crew and ground staff against personal accident risk. Insurance of pilots and other crew against loss of professional licence.Oil and Gas Wells Insurance : Exploration is the process of trying to find accumulations of oil and natural gas trapped under the earth’s surface, whereas production is the process of recovering those hidden resources for processing, selling and use. The wellbore is commonly known as an oil-well or a gas-well depending on its oil or a gas reservoir which is to be reached. Onshore well is drilled on the land and if it drilled through sea-bed it is known as an offshore well. The relevant insurance policy is “Energy Package Policy.” The Policy shall cover: Section 1 : Property damage – widely used wordings: oil and gas wells drilling tools floater form to cover loss of or damage to the equipment of the operator or in the care custody and control of the operator. Equipment above ground are covered on an all-risk basis and equipment below-ground are covered on a named peril basis. The section does not cover wear and tear, mechanical/electrical breakdown, failure, inherent vice, latent defect, gradual deterioration, corrosion, rust, dampness of atmosphere, freezing or temperature extremes, dishonest act on the part of the assured/assureds, lack of due diligence, unexplained loss, mysterious disappearance, drill stem left in the well through which a well is completed or for which the assured has assumed liability, property in storage, costs for firefighting or attempting to control blowout or crater. Section 2 : Cover broadly provided for bringing a well under control that goes out of control. Covers of fire-fighting too. Also, covers cost of re-drilling/extra expenses, costs of removal, containment, diversion or prevention of contaminated substances emanating from the well, covers costs which insured is liable to pay for losses to third parties, costs to defend any claim. Exclude deliberate or which results fro violation of any governmental rule, regulation or law applicable thereto. Section 3 : Third party liability – physical loss/damage to third party property and/or death, injury or illness of any third party.