The cyclical nature of the oil and gas industry creates significant challenges one of which is the use of low equipment, especially during downturns . With lower oil prices, drilling activity, as well as maintenance oil field is significantly impacted. For Alberta companies involved in the oil and gas industry, this means that some pieces of heavy equipment (that can still be insured but are no longer in operation) have a chance to recover some overhead. So what do you do with the equipment that is not used, but it is always assured
Single:. change your insurance program to reflect the change in the use of equipment
Equipment premiums are classified according to the use (eg your company only pays for the exhibition, so if a piece of equipment was valued at $ 1 but now you use it only 85% of the time, it would now be worth $ 0.85)
during those periods when the equipment is used and operating budgets are tight, it is an opportunity to recoup some expenses by having your valued equipment. It is a relatively simple process to revise the policy; the most important factor is to ensure that the minimum premium on your policy is low enough to allow you to benefit from low use of or stacked equipment.
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