With a focus on delivering unmatched underwriting acumen via programs that fill complex needs within the market, Amwins Underwriting is excited to announce the launch of two new Oil and Gas programs: Oil & Gas Consultants and Increased Cost of Drilling and/or Completion.
Oil & Gas Consultants
The U.S. crude oil, natural gas, and chemicals industry employs close to 1.5 million people. When oil prices plummeted in 2020, producing a pandemic-induced price shock, many energy companies were driven to control costs and restructure by adapting their traditional employment models and employing full-time specialist consultants in various non-manual roles. As energy companies look to control costs, many rely on external consultative resources off the payroll.
Amwins’ Oil & Gas Consultants program is offered by Amwins Program Underwriters and features tailored and proprietary coverage forms for this class of business, and our dedicated program experts remain laser-focused, helping business owners maintain the safety and efficiency of their operations while supporting the changing needs of the sector’s workforce. Our underwriters utilize a streamlined quoting system, allowing them to deliver quick and efficient same-day quotes for complete submissions.
Consultant target types include: company men, project managers, data analysts, mud loggers, testing consultants, drilling consultants, safety trainers, well site supervisors, well completion and workover consultants.
Coverage is available nationwide and includes: commercial general liability, professional liability and pollution liability.
Increased Cost of Drilling and/or Completion
Worldwide Energy Programs, part of the Amwins Underwriting division, recently launched a first-of-its-kind insurance solution for Increased Cost of Drilling and/or Completion (ICDC) – an innovative product designed to address the cost overrun risk oil and gas lease operators may face when drilling unconventional wells (shale) throughout the U.S. Our specialized team of underwriters know the industry inside and out and developed the ICDC program in partnership with A.M Best rated “A” and “A+” carriers. This competitively priced program is available nationwide and provides coverage for exposures found outside of a traditional Operator’s Extra Expense policy.
Shale exploitation opens the door to a variety of exposures, and our ICDC coverage provides lease operators with protection against a cost overrun as a result of a mechanical breakdown or geological anomaly as defined in the policy. This type of coverage currently doesn’t exist in the market.
For more information about these or other Amwins Underwriting programs, visit amwins.com/underwriting.
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