All Risk Physical Damage
The OIL policy is an “all risks” policy that provides coverage for physical damage to or loss of property owned by the Assured and non-owned property insured under the policy (subject to the terms, conditions and exclusions of the policy). The basis of recovery is Replacement Cost Value (RCV) but if the property is not repaired or replaced, the recovery is on an Actual Cash Value (ACV) basis. The PD coverage provided by OIL is very valuable to its members and is considered “one stop shopping”. The $400 million block of capacity provides broad coverage for Energy related risks. These risks include, among others, cargo, construction, terrorism (including cyber terrorism) and windstorm.