Oil and Gas Insurance
Alexandria, Corpus Christi, Houston, Lubbock, Shreveport, Waco

Oil and Gas insurance is a subset of the broader energy insurance and is tailored to the fossil-fuel-based Energy Industry. Wherever you are in the production process – whether it’s drilling, completion, production, construction, transportation, or refining – you power the world.

You keep society moving, but you may be slowed to a halt if you’re ever faced with litigation.

You actively work to minimize the chance of a lawsuit by adhering to all safety guidelines and by taking preventative measures, but accidents can still happen. Give yourself a second line of defense with insurance tailored specifically for the oil and gas industry.

What are the insurance risks for oil and gas?

Regardless of your position in the production and distribution process, you face unique oil and gas insurance risks. Examples of these may include:

Mechanical Failure

In recent years, the Oil and Gas Industry has fortunately become safer with the introduction of advanced automation technology. However, automation tech can be very expensive, and if it breaks you might not be able to afford repairs without aid.

Natural Disasters

Natural disasters, such as earthquakes and floods, are one thing you cannot control or prevent. You can take safety measures to mitigate damage done by natural disasters, but you can’t guarantee no damage will occur.

Environmental Damage & Pollution

Pollution can start quietly and without notice. By the time the damage is discovered, groundwater, grazing pastures, and soil can all be severely contaminated.

Transportation

Before oil and gas can be used, they are transported from their place of production to a refinement facility before finally being distributed. Transporting fossil fuels at any stage of production can pose a serious risk if something goes wrong.

Omissions and Errors

If you read the results of a land survey wrong and drill in a spot without any natural gas, you’ve spent money and effort on no return. You are human, and mistakes are natural. But mistakes can be expensive.

Employee Injury and Illness

The oil and gas industry uses a lot of heavy machinery while working with highly flammable substances. When you have workers around heavy machinery and flammable substances, there is always the chance for an accident even when all safety measures have been followed.

How can we help?

We can help by providing services and risk management strategies, such as:

• Online Service Tracking Portal
• Pollution Policy Audits
• Pollution Exposure Assessment
• Exclusive Excess Arrangements
• Custom and Proprietary Safety Program
• Behavior-Based Safety Training
• Wellness Feasibility, including ROI Assessment
• Dedicated Workers Compensation Claim Mitigation
• In-house Loss Control
• Industry Benchmarking

You can also benefit from our energy insurance resources, including:

• In-House Certified Industrial Hygienist
• OSHA 10 Hour Training
• H2S Training and Refresher
• ISNetworld Assistance and Compliance
• Thorough review of MSA's, Safety Procedures, and Employee Handbooks
• Safety Program
• Early Return-to-Work Programs
• Certified Safety Professional
• Hands-on Site and Facility Risk Review
• MSA and Regulatory Compliance assistance

As professionals in the field of oil and gas insurance, we make it our business to know you and your concerns. We spend time learning and listening to better serve you, our clients. 

You’ve worked hard to build your business. The next step is to protect it. We’ll assess what your risks are and help you tailor an insurance policy for your business.  

We’d love to chat with you. Contact us today!  

Frequently Asked Questions

• How can regulatory changes impact oil and gas insurance coverage?

  Stricter environmental and safety regulations can necessitate additional coverages or adjustments in risk management, influencing insurance costs and coverage needs.

• What are some common exclusions in oil and gas insurance policies?

  Exclusions may include damages due to intentional acts, wear and tear, and risks related to war or nuclear hazards.

• What is the process for filing an insurance claim in the oil and gas industry?

  The claims process generally includes notifying the provider, documenting the incident, undergoing assessment, and either receiving compensation or a denial with an explanation.

• How can oil and gas companies reduce their insurance costs?

  Companies can lower costs through effective risk management, such as implementing safety protocols, regular equipment maintenance, and thorough employee training.

• What factors influence insurance premiums in the oil and gas sector?

  Premiums are affected by the size and scale of operations, nature of activities (e.g., offshore drilling), and a company’s safety record and risk management practices.

• How does the location of oil and gas operations affect insurance needs?

  The location, such as offshore or politically unstable regions, can increase the risk, impacting coverage requirements and premiums due to factors like natural disaster susceptibility and population proximity.

• What types of insurance are essential for oil and gas operations?

  Key insurance coverages for oil and gas businesses include property insurance, liability insurance, business interruption insurance, environmental insurance, oil well insurance, and machinery breakdown insurance.