New Oil & Gas Lease Operators: Procuring General Liability Coverage
Many new oil & gas lease operators are calling and emailing us asking “What do we need to do to secure general liability insurance coverage for our new oil and gas lease operation’s company?” Many officers/individuals are new to the risk management side of the business, therefore we thought it would be helpful to provide you (The new operator wearing a risk management hat today) with a heads up of what information you will need to provide in order to procure a general liability insurance policy for your company.
1. Complete A General Company & Management Application
Here are a few questions that you will be asked on the general application:
What’s your company’s name?
Company Entity type & Inception date?
Federal Tax ID number?
Officer/Member ownership %
Physical & Mailing Address, etc.
Resume or Bios of management
Your company’s insure-ability will be heavily dependent upon the experience and expertise of your management, so providing bios/resumes of your management is a crucial step to procuring general liability coverage.
2. New Oil & Gas Lease Operators: Provide Us With A Well Schedule
We will provide new operators with a master well schedule that they can continue to update during the growth of their company. This is an excel spreadsheet that keeps track of projected drilling/work over activity, and wells that are already producing or Shut-In. This schedule is also used for Control Of Well Insurance.
3. New Oil & Gas Lease Operators: Master Service Agreements (M.S.A)
Risk Transfer by Contract. Some of our insurers will want to see the actual M.S.A that you will be using with your contractors, but they all want to know for sure that you will be using one. The old oil field way “We’ll take care of ours and you take care of yours,” just doesn’t cut it anymore….if it actually ever did. We can provide you with a sample M.S.A that you can review with your attorney. In conclusion, you will need to complete a specific oil & gas lease operator application like the one below.
4. New Oil & Gas Lease Operators: Supplemental Application
In addition to a general application, you will need to complete an oil and gas supplemental application. This is usually a 1-2 page application asking more specific questions about your oil and gas lease operations. You can see exactly what type of questions are asked above in the picture.
Other Insurance New Oil & Gas Lease Operators Should Consider
We can help you procure a few other policies that you should consider.
Oil/Gas Lease Property Coverage
Are you ready to get the process started? Complete the form below to get started.
Will Your Business Insurance Protect You Against The Risks and Threats That Today’s Oil & Gas Companies Face?
Operating a business working in The Oil Patch isn’t for the faint of heart. There are many liabilities that can affect your bottom line. That’s why Oil Patch Insurance (OPI) from Fred Daniel & Sons offers a comprehensive portfolio of insurance products tailored to meet the unique needs of businesses working in The Oil Patch. Our integrated coverage offers seamless protection for nearly any type of loss your Oil & Gas Company may experience.
As one of the oldest, most experienced insurance agencies in the U.S., and
as leaders in our industry, OPI is granted the highest level of access to the most superior insurance products and programs designed for businesses working in The Oil Patch — And we offer them at competitive prices.
OPI provides the following insurance products, and can develop a customized portfolio according to your company’s unique requirements:
- General Liability
- Commercial Auto
- Inland Marine
- Workers’ Compensation
- Umbrella/Excess Liability
- Employment Practices Liability
- Directors & Officers Liability
- Kidnap & Ransom
Our customer base includes risks for any-sized business working in The Oil Patch (both over-the-hole and non-over the hole), including but not limited to:
- Drilling Contractors
- Well Servicing Contractors
- Wireline/Logging Contractors
- Pipeline Contractors
- Oilfield Equipment and Supplies Dealers
- Manufacturers/Distributors of oil field products
- Geophysical Contractors
The team at OPI is available 24/7 to ensure your Oil & Gas Company can keep operating in the event of a loss. They offer a wealth of knowledge, and years of experience in the latest risk-control solutions for Energy Companies and businesses working in The Oil Patch. For more information, or to arrange for a complimentary consultation, contact Josh DeBoer, Advisor at OPI at: 918-504-6723 or email@example.com
What we specialize in:
“Drill Baby Drill!” OPI provides strategic and comprehensive package policies for those companies involved in the exploration and production upstream energy sector.Processing and transporting energy commodities is no easy task. We would like to partner with you and ensure your company’s future.Over the past 70 years we have been providing comprehensive insurance solutions for the energy sector. We have established strong, unbreakable relationships with our insurers. If you have a need, we will provide a solution.
What To Do Now
We understand how hard it is to get the right insurance solution, so here's how we've made it easy and risk free.
1. You contact us, letting us know what you need.
2. We'll review your application to identify the best fit for your business.
3. We'll contact you to review your options and the next steps.
Why wait? Contact us now.
Our exquisite Expertise
- Commercial Property & Casualty Oil & Gas Insurance 93%
- Employee Benefits 87%
- Personal Lines Insurance 78%