Equipment Service Liability Insurance

Equipment Service Liability Insurance

By In Oil & Gas: Equipment Service Liability Insurance On March 11, 2015


Available AZ,CA,NV,TX. The oil & gas sector has a renewed emphasis on domestic vs foreign production and is generating a push for the US to become less dependent on foreign energy.The opening of Eagle Ford Shale, one of the largest onshore oil & gas discoveries in the past 50 years, has only further illustrated the available opportunity in this sector. In many cases, hydraulic fracturing is the most common extraction method on these new shale finds. Equipment service liability insurance for independent contractors is now available at a much lower cost.

With the oil & gas sector divided into its for principle sectors: exploration, production, processing and distribution, the current focus is on the production sector.

The three main types of companies seeking insurance for oil & gas production are:

Oil Lease Property
Well servicing and workover equipment
Service contractors

These companies are involved with activities which include steps such as casing, cementing and perforating. From these activities and the supervision of the rig equipment and tools through the various aspects of the process to obtain oil & gas, there is wide margin for errors.

Each individual contractor, as well as the company in its entirety, needs to be protected from such inevitable risks. The equipment service sector and existing oil lease properties is the focus of this posting.

Targeted oil & gas businesses:


Anchor setting and cementing
Calibration reading
Cleaning or swabbing
Coal, gems, stone, rock & gravel mining
Engineers and consultants
Equipment rentals/sales
Exploration & production
Hazmat transportation
Lease well operators
Lease work construction and roustabout operations
Manufacturers & distributors
Oil & gas well logging
Oil & gas well perforating
Oil & gas rig setup or dismantling
Onshore construction
Pipeline construction
Power generation
Pumpjack repair/servicing
Site preparation
Underground resources/equipment
Utility companies
Welders, pumpers and tenders

Well drillers/s

sp Business Insurance Services offers full oil & gas insurance package programs or we can offer stand alone insurance on most types of coverage you might need. Also, if you are a new business, had past or present claims (or any other impairment), we can handle for you.

 

As an aside, our brokers answer their own phones and emails. At your initial contact with us, you are given your broker’s cell phone number and direct email address. Where, in most agencies, your broker hides behind a wall of telephone prompts and disinterested, underpaid receptionists.
At sp Business Insurance Services, all aspects of your account are handled by your broker. This arrangement places your broker’s interests in harmony with your interests because it places responsibility for your satisfaction squarely on your broker. This responsibility includes all followup service such as Certificates of Insurance and Additional Insures Certificated, adding and deleting drivers, overseeing claim resolutions in your favor and all other matters pertaining to your insurance. When was the last time you had a Certificate of Insurance or Addition Insured Certificate in your hands two hours after you requested it. Perhaps this is one of the reasons our client retention exceeds 99%.
The other reason for our remarkable client retention is that we shop the market for the lowest possible premium for your needs. We have no “loyalty” to any insurance company because we, as brokers, represent you – not any insurance company. If an insurance company has a bad year and wants to raise your premiums at renewal, we make a seamless transition to another insurer to keep your rates as low as possible. We require that each insurer in our stable maintain an ‘A’ or better, rating from AM Best.
Finally, we only write commercial insurance.

 


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