Insurance covers oil and gas, and energy contractors 2022 - Success Leads

Insurance covers oil and gas, and energy contractors 2022

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Insurance covers oil and gas. Our engineering contractor insurance provides expert coverage for onshore and offshore workers in the energy, oil, and gas industries.
Mistakes can be made regardless of how many years of experience you have. An error in a piece of work or an accident caused by your oversight could have serious financial consequences for your client, and they may sue you to recoup their losses.

Our offshore contractor insurance provides comprehensive coverage, giving you peace of mind that if something goes wrong, you’ll be covered.

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Purchasing insurance online is quick and simple – our simple quote form allows you to select only the coverage you require (without having to pay for extras you don’t require), and you’ll receive an instant proof of cover document to show clients and agencies that you have the necessary coverage in place to secure a contract. Get an online quote in as little as 90 seconds!

Insurance covers oil and gas

Insurance covers oil and gas for professional indemnity

Engineers’ professional indemnity insurance covers the cost of defending your company against allegations of professional negligence (such as giving your client incorrect or wrongful advice) as well as the cost of damages awarded against you if you are unsuccessful.

Examples of claims include:

  • You are contracted to provide a number of 3D designs for a client. You use incorrect measurements in your designs, which results in significant delays to your client’s project. Your client takes legal action against you to recover their losses.

PI insurance is usually a requirement for contract engineers who are hired through a recruitment agency or directly by the client. We provide coverage for a wide range of limits ranging from £100,000 to £5,000,000.

When you insure with Markel, you’ll benefit from 24/7 telephone access to a qualified solicitor at no additional cost. Expert legal advice can be costly when you’re working for yourself and it’s difficult to know who to turn to for a trustworthy answer. Whether it’s a question on health and safety, employment law, legal structures for your business, or how to handle a difficult client, an experienced team of solicitors is on hand day and night to help you with any business-related legal queries. Included as standard with all policies.

Legal hub access Markel Law Hub access

In addition to our 24-hour legal helpline, you’ll have access to the Markel Law Hub – an award-winning online resource of legal and business guides, templates, and content written and created by our team of expert solicitors. Instantly download ready-made contracts, policies, procedures, and guidance you can use for your business – without paying any expensive legal fees. Included as standard with all policies.

fee dispute  Fee dispute service

As every contractor, consultant, or self-employed professional knows, customers don’t always pay on time and chasing fees/invoices cost time and money. Mindful of the impact this has on your business, we offer our policyholders access to a unique fee dispute helpline operated by one of the UK’s leading law firms, who will provide specialist legal guidance and support on fee dispute issues. Included as standard with professional indemnity insurance.

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pr crisis  Public relations crisis management service

In today’s 24-hour news culture, public relations disasters can occur at any time. Having to deal with the press whilst managing a difficult situation can be hugely stressful as well as being a potential minefield. When there is a risk to your business as a result of negative press attention, our specialist public relations crisis management firm,

The Counsel House will work with you to help manage allegations of fraud, injury caused to employees or the public, and official investigations into your company’s affairs. Included as standard with professional indemnity insurance, directors and officers insurance, cyber and data risks insurance and legal representation, and employment disputes insurance.

Oil-and-Gas-Insurance

What Is the Cost of Liability Insurance for Oil and Gas Contractors?

The oil and gas industry is a pillar of the Canadian economy, providing over 500,000 direct and indirect jobs and accounting for roughly 6% to 10% of Canada’s GDP (GDP). People power the oil and gas industry, many of whom work as independent oil and gas contractors or for small, medium, and large oil and gas contracting firms that provide a wide range of products and services to oil and gas companies. Whether you are actively and physically working on wells and/or pipelines, performing inspections, or providing advice, guidance, and/or recommendations on design, operations, and so on, the experienced business insurance brokers at ALIGNED Insurance can assist!

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Factors Influencing the Cost of Liability Insurance for Oil and Gas Contractors
The cost of liability insurance for oil and gas contractors is determined by a number of factors, with the assistance and guidance of actuaries at Canadian insurance companies that provide insurance for oil and gas contractors. Some of the major factors influencing the cost of oil insurance

And gas contractors are as follows:

  • Amount of work anticipated, i.e. projected revenue for the next 12 months
  • Work type – professional advice vs. manual labor/physical labor Location
  • People doing the work’s experience and expertise
  • Amount of insurance needed
  • Insurance deductible levels
  • Insurance claims history for similar products
  • Types of insurance required include commercial general liability, professional liability, and/or contractors pollution liability, among other things.

What Kinds of Insurance Do Oil & Gas Contractors Require?

What types of insurance oil and gas contractors require depends on their operations, and each type of liability insurance product for oil and gas contractors is explained briefly below.

Commercial General Liability Insurance For Oil And Gas Contractors – also known as CGL, GL, or General liability insurance, this product is the most common type of insurance purchased by oil and gas contractors and covers bodily injury and/or property damage caused primarily by physical work performed.

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Professional Liability Insurance For Oil And Gas Contractors – also known as E&O Insurance – is a popular and necessary insurance product for oil and gas contractors and consultants. It protects against financial loss, physical damage, and/or bodily harm caused by non-physical work such as design.

Pollution Insurance For Oil And Gas Contractors – Because of the risk of contaminating soil and/or causing damage to property or people’s health, oil and gas contractors purchase pollution liability insurance, which typically covers the cost of remediating soil and water from a spill as well as liability for damage to property or injuries/sickness to third parties caused by a spill or leak.

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