For those of us in the Oil and Gas world, 2010 has been an interesting year. With major developments and governmental regulations impacting both onshore and offshore production, there have been few corners of the industry left unaffected.
While our industry has a historical reputation as being somewhat volatile, there are some aspects that can be carefully managed. Your company’s Risk Management is one of these areas. Choosing the right Risk Manager/Insurance Agent is an important decision for your company.
There are many variables to consider in choosing an Oil and Gas/Energy Risk Manager with whom to partner.
1. Find a Risk Manager who is an expert in your industry. There are thousands of Traditional Insurance Agents who dabble in Oil and Gas and Energy Risks. I think you would agree that you would not settle for someone who dabbles in your business.
2. Find a Risk Manager who does more than simply place coverages and charge you a premium. True value for the money you spend on insurance is not found in a Traditional Agent’s approach. There is much more that can be done to help your company reach its goals as well as protect it from unnecessary risk.
3. Find a Risk Manager with whom you feel comfortable. This Trusted Advisor should be someone you use in a manner similar to your CPA or Attorney. Thus, being comfortable and confident in your Risk Manager/Agent is paramount.
At Texas Associates Insurors and NewFirst Insurors we have successfully managed our clients’ Oil and Gas and Energy exposures for years. Call us with questions regarding your Oil and Gas/Energy Risk Management and Insurance Coverages.