Oil and Gas Insurance

This policy provides cover for onshore risk including refineries, petrochemical plants, depots, tank farms to the offshore risk comprising multinational and independent lease operators who work along with oil service companies involved in Engineering & Construction services, seismic operations, drilling rig activities and all manner of well delivery services.


  • Installation against oil risks
  • Construction risk, not renewable
  • Operational risk covers all the activities i.e. Energy package – (Physical damages, onshore and offshore
  • Operators Extra Expenses (OEE) (Control of wells)
  • Cost of control of well, cost of re-drilling, cost of cleaning.)
  • General 3rd party liability.

Properties covered under this policy would include the following:

  • Oil Rigs and Platforms
  • Pipelines
  • Flow Stations
  • Gas Terminals
  • Farm Tanks
  • Operators Extra Expenses
  • Cost of Controlling Well Fire
  • Cost of Re-drilling
  • Oil Seepage and Pollution (Clean Up Costs and Third Part Liabilities)
  • Cryogenic Vessels Hull

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Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas.

The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.


Guinea Insurance House
33 Ikorodu Road Jibowu, Lagos.

Copyright © 2020 Guinea Insurance Company Limited RC1808. Authorised & Regulated by the National Insurance Commission RIC N0. - 017