About Drill rig insurance in belgium
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6 FAQs about [Drill rig insurance in belgium]
Do I need insurance if I'm drilling a well?
Various financial amounts of insurance and extensions of cover are available, depending on local circumstances such as the concession agreement, local law, the environmental circumstances, the type of well, the availability of additional drilling and clean-up equipment and other risk factors.
What happens if a rig is assigned to another company?
Cover may be effected as direct insurance, or as a re-insurance of local insurers if local insurance is necessary by law. When an offshore unit or land rig is temporarily assigned to another company, the above insurances cannot be transferred and will cease (or preferably be suspended) immediately on handover.
Do insurance companies need a licence in Belgium?
Specific rules apply to insurance companies that undertake insurance activities in Belgium but are based in another Member State of the EEA. Such companies can operate with the licence obtained in their country of origin, but nevertheless need to observe Belgian legal provisions protecting the general good.
How are Belgian insurance contracts governed?
Belgian insurance contracts are governed by the 2014 Insurance Act, which contains a number of mandatory provisions (e.g. regarding non-payment of premiums, misrepresentation or non-disclosure of risks and late notification). 2. Effect of misrepresentation and/or non-disclosure
How to choose a reputable insurance broker in Belgium?
It is advised you seek out a reputable insurance broker in Belgium, who will not only be able to recommend the exact insurance needs for your company, but also compare deals and negotiate cost-effective packages. They will also be able to inform you of any legal requirements that you may not be aware of.
Can a criminal case be covered by a Belgian insurance contract?
Mandatory Belgian insurance law stipulates that fines or settlements related to criminal proceedings cannot be the subject of an insurance contract, except for those which are borne by the person who is civilly (but not criminally) liable for the infraction and which are not related to road traffic or road transport.