The oil and gas industry is a lot more than just drilling and pipelines (although both remain major players in the field). The industry permeates all parts of Alberta and encompasses a myriad of professions. Engineers, scientists, mathematicians, accountants, finance officers and just about any supportive role you can think of work all around Alberta in one of the most demanding and scrutinized industries in the world.
Oil and gas is big business in Calgary, and therefore it’s no surprise that we at Lane’s Insurance are commonly asked about specialty policies in the field. In Canada alone, oil and gas accounts for about $80.7 billion in annual revenue and employs approximately 230,000 people. There’s a lot involved in the industry, as we all know. It can be dangerous, it has the potential to adversely affect the environment in the form of spills and leaks, and the process of extracting fossil fuels is becoming more and more maligned. The oil and gas business is essentially at peak risk in terms of loss.
At Lane’s, our oil and gas insurance experts have years of experience and the up-to-date training on industry advancements that is essential in order to provide you with the vital coverage you need in this fast-changing business. We offer coverage on a worldwide basis to operators, non-operators, service contractors, investors and royalty owners. As insurance brokers we have access to a number of providers and are able to tailor your policy to precisely fit your needs.
Although alternative methods of producing energy are improving, the demand for oil and gas products remains high. Fossil fuels remain the cheapest, most effective method of producing energy, and the developing countries of the world’s demand keeps growing.
Your Insurance and Risk Balance
Insurance brokers are at a distinct advantage when it comes to developing specialty policies. Lane’s oil and gas comprehensive insurance selections were carefully tailored after speaking with hundreds of people in the business and assessing the many individual risks involved. We are always prepared for changing trends and continue to grow our policies to provide maximum coverage for responsible business owners.
The number of jobs involved in drilling and extracting oil and gas is immense. There are riggers, operators, evaluators, contractors, mechanics and safety experts to oversee, plus stringent environmental and reclamation standards to meet. At Lane’s we reward those who are robust with their risk management initiatives and who develop strict safety and working standards. Avoiding accidents and occurrences altogether is the most efficient way to prevent loss.
Oil and Gas Insurance Coverage
Oil and gas insurance coverage needs to properly cover both your assets and personnel. At Lane’s our policies include options for property coverage including your buildings and their contents as well as professional clean-up fees (such as in the event of an environmental error). Our business interruption coverage reimburses you for the profits that you would have earned while your site is closed for repairs. Contractor’s Equipment coverage provides for a contractor’s loss of income, reimbursement for rental equipment, and the replacement cost for a contractor’s personal equipment if an incident occurs. And crime coverage protects you from the dangers of employee dishonesty, counterfeit, and forgery.
Perhaps the most important part of your policy, liability coverage protects your business, assets, and capital from third-party claims due to losses from damage to property, contractual liability or accidents. This can include building material replacement costs, coverage for a difference in deductibles, and coverage for work that fails to meet written specifications.
There are plenty other add-ons to consider as well. Depending on your location, you may need protection from weather-related incidences. Or perhaps you have a fleet of vehicles that need to be insured. We have a number of business insurance policies that encompass all aspects of your company.
Common Questions When Applying for Oil and Gas Insurance
The following are few of the questions you may be asked when applying for an oil and gas insurance quote:
- Do you consulting for emergency and safety planning?
- Do you consult for pollution control, clean-up, monitoring and oilfield waste handling?
- Do you perform inspections?
- Do you provide testing services?
- Do you provide any consulting services?
- Are you a pipeline or well owner?
- Do you provide security consulting?
- Do you work directly with tools or equipment?
- Estimated Gross receipts
- Number of Employees
- Number of years in business
- Number of years experience in related field (Oil & Gas Experience)
- Academic Qualifications
- Training certificates
- Number of losses or incidents in the last five years
At Lane’s Insurance, we have a number of years experience serving the Calgary and Alberta oil and gas industry. As insurance brokers, we understand that there is no one-size-fits-all solution for your coverage requirements and that insurance needs can change over time. Our experienced specialists are here to provide personal advice plus their long-term commitment to you, your business and your employees.