I note a number of references to insurance in various FAR threads. I am almost certain the JV parties could not insure against a well event - if you could then I imagine the premium would be significant. Nor would the rig owner have insurance to cover the rig becoming inoperable. If the rig is not fit for purpose then the rig owner would be responsible for the downtime. Failure of the drill string equipment is at the cost of the JV partners.
I note a number of references to insurance in various FAR...
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