New Opportunities: Oilfield Consultants
One of the classes we have seen considerable growth with recently is Oilfield Consultants, also known as “Eyes & Ears Guys.” These experts are 3rd party consultants that observe and report back to the project owner at an oil/gas site. They do not provide any supervisory services nor make any decisions regarding work being performed at the jobsite (and they do not work over the hole). They play an important role in the oil & gas industry and require insurance that addresses their unique exposures. Fortunately, this coverage can now be easily accessed and is competitively priced.
The Benefit of Practice Policies vs. Project Policies
By Allison McGreal, Assistant Vice President
Much of the insurance industry business is driven by contract requirements. Two specific areas that come up quite often are the need for Contractors Pollution Liability (CPL) for non-environmental contractors and higher limits of insurance for any type of contractor.
When a non-environmental contractor bids a job and is required to provide evidence of CPL coverage, it’s often a last minute request with some urgency in order to get their bid submitted on time. To obtain a quotation, the agent will typically need project specs, including the name, location, duration of the job, scope of services, and revenue associated with the project. Most carriers have minimum premiums per layer of insurance requested and don’t pro-rate project specific policies. The premium is based on the job details and not on the job duration. Read the rest of the article.
Recent Success Stories
$2.5M Environmental/restoration contractor purchased GL/CPL/E&O, $1M/$2M limits for $14,823.
$300k Industrial hygiene/health and safety consultant purchased GL/CPL/E&O, $1M/$2M limits for $3,500.
$100k Restoration contractor purchased GL/CPL/E&O, $1M/$2M limits for $2,500. This was a start-up firm with no prior coverage.
$600k Asbestos abatement contractor purchased GL/CPL, $5M/$5M limits for $18,924. Risk is located in NY State but doesn’t work in five boroughs.
$50k Septic tank contractor purchased CPL for $2,500 including TPL, NODs and Emergency clean-up endorsements.