Oil and Gas Insurance

Description

The oil and gas industry is constantly evolving – and so are the exposures. From drilling operations to service contractors to manufacturers of related parts and products, there are unique risks at every stage of the process. With so many years serving this industry, Travelers has developed the specialized expertise, products and services that can help oil and gas companies protect their employees, their physical assets, their balance sheets and ultimately their long term viability.

By nature, the oil and gas industry faces a myriad of structural and operational risks. Man-made errors, technical faults and natural disasters in challenging and volatile environments are common exposures and serious but inherent threats to the safety of operations. The consequences can be severe and range from damages and monetary losses over environmental pollution to fatalities.

Although the risks vary from operation to operation and impact various business entities and contractors, oil and gas insurance policies offer risk mitigation and loss coverage to protect your business and operations. Delegates of course will gain an in-depth understanding of insurable/uninsurable risks and their impacts across all operations.

 

Course Deliverables

  • Learn how to align strategic, operational, legal, and tactical decisions with the structural risks of the industry in challenging and volatile environments
  • Understand the needs of the industry at each stage - including the exploration, construction and operational phases – to effectively mitigate risks
  • Benchmark your policies against the complex exposures in the oil and gas business to protect your assets
  • Analyse emerging risks and trends to evaluate the extent of coverage and critical exclusions that must be addressed
  • Review claims handling issues to develop robust conflicts and dispute resolution strategies
  • Maximize Position - Develop insurance strategy that maximize your position by understanding company’s risk profile and available coverages in the market.
  • Avoid Claims Denial - Determine the suitability of insurers and insurance markets to avoid claims denial by analysing the security ratings and other indicators, underwriting capacity and market conditions.
  • Maximize Claims Recoveries and Minimize Delays - Understand and master claims procedures and handling to maximize the size and speed of claims recoveries and minimize the delays.