Insurance Requirements for Oil Tankers Working With Major Operators

Nate Jones, CPCU, ARM, CLCS, AU
4 days ago
2 min read

Working with large oil companies like Chevron, ExxonMobil, and Shell requires tanker operators to meet strict insurance and compliance standards. Whether your vessel is transporting crude or product cargo, having the right Oil & Gas Trucking Insurance (or marine/tanker equivalent for ship operators) is essential not only for approvals but also for financial protection.

Here’s a guide to the insurance coverage major operators expect.

Insurance Requirements for Oil Tankers Working With Major Operators

1. Protection & Indemnity (P&I) Insurance

The foundation of tanker insurance is P&I coverage, normally carried through an International Group P&I must include:

Pollution liability
Cargo liability
Crew injury coverage
Wreck removal

Many organisations require high pollution limits because oil spills fall under strict liability regulations, such as the U.S. Oil Pollution Act of 1990 (OPA 90), which mandates strong financial responsibility for cleanup and damages.

2. Certificate of Financial Responsibility (COFR)

Any tanker operating in U.S. waters must carry a COFR, verifying it can financially cover pollution cleanup costs up to federal limits. The U.S. Coast Guard issues the COFR under OPA 90 rules and enforces penalties for non‑compliance, including denial of port entry.

3. CLC (Civil Liability Convention) Insurance Certificate

For international voyages, tankers carrying persistent oil must maintain compulsory insurance under the 1992 Civil Liability Convention (CLC).This certificate proves the vessel has pollution insurance aligned with its tonnage‑based liability limits.

4. Hull & Machinery (H&M) Insurance

Major operators expect tankers to carry H&M insurance to protect the vessel itself from damage caused by:

Collisions
Machinery breakdown
Weather events

This coverage supports safe chartering and ensures the vessel can be repaired without operational delays.

5. Vetting Requirements (SIRE / SIRE 2.0)

Although not an insurance policy, OCIMF’s SIRE inspection program is part of what major operators review before approving a tanker for loading. Chevron, Exxon, and Shell rely heavily on these inspection reports to verify vessel safety and operational standards.

Work With Wexford Insurance to Get Operator‑Approved Coverage

Whether you operate oil tankers, barges, or specialised transport vessels, Wexford Insurance helps you secure marine and oilfield‑focused coverage that satisfies: