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Published: March 29, 2016
Is your company in the oil and gas industry? Are you looking for insurance solutions to avoid costly gaps in coverage? One of the largest exposures in the oil and gas insurance arena is Professional Liability. Here is a quick definition.
Whether you are Blasting, Consulting, Mining, Drilling, Surveying or doing construction in the oil and gas industry, you will need to carry Professional Liability protection in the event you are to do one of the following.
Lets say you sign a contract for $1,000,000 to perform a service and deliver a product for Company A. Company A pays you $500k to start the project. You complete the project and send the final invoice. Company A decides to pay you $200k instead of the remaining $500k. You then sue them for not delivering on the contarct. What happens when they counter sue you for failure to perform? Professional Liability costs such as settlement, defense and misc charges are covered by your insurance policy. Without Professional liability, you would be on an island covering the costs yourself. Let us provide consultation for your oil and gas needs. Oil and Gas and any energy field can be insured with an Energy Contractor Program. Here are the industries we can provide protection for.
Auto Liability, Rigger’s Liability, Property/Inland Marine, and Umbrella available