The oil and gas industry has unique challenges that go along with it, so it stands to reason that NM oil and gas insurance needs would also be unique in some ways. There are also some more unique coverages required by these companies, such as pollution liability and a commercial umbrella policy.
Commercial Umbrella Policy
If you are found to be culpable for a catastrophic loss, you will be required to pay any resulting damages. Your primary liability coverage may not sufficient to cover the ensuing penalties and legal fees. A commercial umbrella policy will cover you in the event that your liability policy’s upper limits are exceeded as the result of losing a lawsuit.
Pollution Liability Insurance
In the oil and gas industry, the risk of spillage or fire is ever present. No matter how careful or conscientious you and your employers may be, an accident could happen at any time. Due to the potentially widespread negative impact on the environment such incidents can have, pollution liability coverage is essential to prevent you from having to pay damages to an affected third party.
Because of the needs unique to oil and gas companies, it is essential to obtain the NM oil and gas insurance coverage you require. An insurance company that specializes in covering companies like yours will be able to help you assess risks and find the coverage you need.