Indian Oil and Gas Regulations (SOR/2019-196)

Marginal note:Insurance required

• 9 (1) A contract holder must obtain, and maintain during the term of the contract, an insurance policy that is adequate to cover all risks resulting from the operations to be carried out under the contract.

• Marginal note:Minimum coverage

  (2) The insurance policy must provide the following minimum coverage:

  • (a) comprehensive general liability insurance that covers the risks of damage caused by operations carried out under the contract with an inclusive bodily injury, death and property damage limit of at least $5,000,000 per occurrence, including occupier’s liability or liability for damage caused by immovables, employer’s liability, employer’s contingent liability, contractual liability, contractor’s protective liability, products liability, completed operations liability and contractor’s liability insurance;

  • (b) automobile liability insurance that covers all vehicles used in operations carried out under the contract with an inclusive bodily injury, death and property damage limit of at least $5,000,000 per occurrence; and

  • (c) if aircraft are to be used in operations carried out under the contract, aircraft liability insurance with an inclusive bodily injury, death and property damage limit of at least $10,000,000 per occurrence.

• Marginal note:Subrogation

  (3) Every insurance policy obtained by the holder must provide that the insurer’s right of subrogation is waived in favour of the Minister.

• Marginal note:Notice of cancellation

  (4) The holder must send the Minister notice without delay if any coverage under their insurance policy is terminated and at least 30 days before the last day of coverage if the holder intends to cancel any of their coverage.

• Marginal note:Maximum deductible

  (5) The deductible of every insurance policy must not exceed 5% of the amount of insurance.