Holder Insurance Policy
February, 2020
1. Purpose
1.1. To define the requirement for evidence of insurance set out in the Indian Oil and Gas Regulations (Regulations).
2. Scope
2.1. This policy complements the Regulations respecting evidence of a person(s) insurance policy.
3. Intended audience
3.1. Public
4. Background
4.1. The Indian Regulations contain requirements for holding and maintaining insurance adequate to cover all risks resulting from operations carried out under the contract.
4.2. With the repeal of the former Regulations, the term respecting insurance now falls under the requirements of current Regulations, s.9, 10 and 11.
5. Authorities and references
5.1. Indian Oil and Gas Act
5.2. Indian Oil and Gas Regulations
6. Definitions
6.1. Nil
7. Management policy
7.1. A person will demonstrate it has adequate insurance by checking the required checkbox on the application for a contract, or an amendment to a contract, or where the person has acquired a contract via assignment, prior to the Minister approving the assignment.
8. Responsibilities
8.1. Supervisor, Lease Administration will ensure prescribed forms and procedures are in alignment with this policy.
8.2. Supervisor, Subsurface Contracts will ensure prescribed forms and procedures are in alignment with this policy.
9. Appendices
9.1. Nil
10. Revisions
10.1. This policy has been revised as follows:
| Number | Date | Explanation |
|---|---|---|
| 119-0 | August 1, 2019 | new |
11. Procedures
11.1. Set out in Indian Oil and Gas Regulations at section 9, 10 and 11.
12. Service standards
12.1. Nil
13. Review
13.1. This policy will be reviewed in 1 year from its effective date or sooner if material changes occur in the authorities and references or business practices.
14. Enquiries
14.1. Supervisor, Lease Administration for surface contracts
14.2. Supervisor, Subsurface Contracts for subsurface contracts
15. Approved by:
Original signed by Strater Crowfoot
Executive Director / Chief Executive Officer
February 14, 2020
Date