It is agreed and understood that otherwise subject to the terms, exclusion, provisions and contained in the Policy or endorsed thereon, the cover for well drilling work shall be restricted to loss or damage due to or resulting from the following named perils:
Earthquake, volcanism, tsunami
Storm, cyclone, flood, inundation, landslide
Blow-out and/or cratering
Fire/explosion
Artesian waterflow
Mud loss, which cannot be overcome by known practice
Collapse of hole including collapse of casing due to abnormal pressure or heaving shales, which cannot be overcome by known practice.
The indemnity shall be calculated on the basis of the costs (including material) spent for drilling the well up to the very moment when the first phenomena of the above perils are apparent and the well has to be abandoned due to a hazard insured against, and the Insured shall bear a deductible of 10 % of the loss amount, minimum as stated below for any one occurrence.
Special exclusions:
The insurers shall not be liable for
loss of damage to drilling ring and drilling equipment (for which the drilling contractor may conclude a special insurance),
costs of fishing operations of all kinds
costs of reconditioning and workover operations to restore well conditions including all stimulation work (acidizing, fracturing, etc).
Deductible: 10 % of the loss amount,
Minimum ……………… any one occurrence
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