Oil and gas drilling contractors face many unique and dangerous risks every day. It’s an important industry in the US and the world over, but comes with severe exposures that could, as it has been known in the past, upset the ecosphere with the accidental release of toxins in the processes that have served this sector for many years. It certainly helps having an insurer that knows and understands these risks.
Contractors need specialized coverage solutions that can help them to protect their employees, their equipment and ultimately their business viability. The answer can be found in NM oil and gas insurance, specifically designed to address the needs of this dynamic industry.
Volatile situations can crop up daily
Running a successful drilling business is no easy task to undertake. It involves the overseeing of rig equipment and tools, conducting well evaluations, and organizing crews, along with complying with ever-evolving government regulations. With so much to manage, it’s easy to see how the situation can become rife with potential problems. Your clients want to know that they are protected in the event that something goes wrong. Your first priority should be to troubleshoot any of the potential events that could possibly threaten their operation.
Each operation is unique unto itself, with contractors being assigned the task of working on land or in the water, or both. They take on the roles of drillers or well-servicing contractors, they can be required to stimulate wells or perform Plug & Abandon work. They’re often called upon to build, install, maintain or repair platforms and facilities and, while oil and gas operators basically all have wells, the depth, structure and location of each can be uniquely different. Therefore their concerns and needs will often vary and the insurance program for each must be equipped to recognize those differences.
There is so much to consider in developing an appropriate nm oil and gas insurance program for operators and contractors, and it starts with the insured’s risk management philosophy. It’s important to present a true exposure picture to underwriters in order to be able to negotiate the most favorable terms and conditions for the insurance program of your choosing.