The oil and gas industry continues to be very important as it helps ensure people and businesses across the globe have access to the energy they need. Control of well insurance, which is commonly referred to as COW, is a very important form of insurance for those in the oil and gas industry. There are various ways that control of well insurance supports the oil and gas industry for businesses in the Pearland, TX area.
A reason to have control of well insurance in this industry is to receive financial protection. If there is ever an accident with an oil well, the damage can be extremely significant. This can include both damage to property as well as personal injuries, which also can come with liability claims. With proper control of well insurance plan, oil and gas companies will receive financial protection to offset such concerns.
Regulatory and Other Requirements
Due to the value that it provides to oil and gas companies, having a control of well insurance plan is often a requirement by regulators, investors, and other parties. Due to the potential significance of an oil accident, many entities will require businesses to carry COW coverage. If you do not have it, you can face penalization and reputational damage.
If you are in the oil and gas industry in the Pearland, TX area, having full control of well insurance plan is beneficial. If you are looking for a new plan in this part of Texas, it would be wise to call our team with the Barry Insurance Group. When you work with our team at the Barry Insurance Group, you will get any support you need to build a new policy.
As a business owner in Pearland, TX you understand the significance of asset protection. Unexpected incidents can occur during oil and gas well operations, resulting in severe financial losses.
Control of well insurance is meant to safeguard your organization against unforeseen incidents that may occur during oil and gas well operations. It covers expenditures connected with recovering control of a well, such as drilling a relief well, cleaning up pollution, and repairing property damage.
If you own or operate an oil and gas plant in the region, it is imperative to reach out to us at Barry Insurance Group to safeguard your firm from potential financial losses.
Advantages of this coverage include:
This provides your firm with financial protection in case of an unforeseen mishap during oil and gas well operations. This coverage covers the expenditures associated with recovering control of a well, such as drilling a relief well and repairing property damage.
Observance of Regulations
Operations at oil and gas wells are subject to stringent rules. Frequently, the law requires good insurance oversight to ensure compliance with these standards. This ensures that your company complies with all applicable rules.
Calmness of Mind
Unexpected accidents and financial losses can cause a tremendous deal of stress and concern for business owners. The knowledge that your business is protected in the case of an unforeseen mishap during oil and gas well operations provides a piece of mind.
Reach Out To Us!
Control of well insurance is crucial for every business in Pearland, TX that owns or operates oil and gas wells. It gives financial security, assures regulatory compliance, and delivers a piece of mind. Call Barry Insurance Group to understand how we can assist you in protecting your company with control of good insurance.
Barry Insurance Group understands the Oil and Gas industry and is here to help well owners in the greater Pearland, TX area protect their well assets and interests. If you require a control of well policy, we are here to help!
Protect your firm from well blowouts
Owning and operating oil wells comes with a high level of operational risks. Well blowouts are an unfortunate part of doing business and can be financially crippling if a firm or owner doesn’t have adequate insurance protection in place.
With an appropriate policy, firms can receive coverage for well blowouts and many of the expenses that come with such an event. There are policies available that provide protection from blowouts with clean-up and repairs being two of the most commonly covered situations.
The oil industry experiences a lot of cyclical movement, and having the right protection in place can help keep your wells operational as often as possible. Without a control of well policy in place, a well blowout could be a catastrophic event that causes irreparable financial damage.
Now is an ideal time to review your current insurance coverage and determine if more is necessary. Oil and gas firms can benefit from having robust insurance.
A control of well policy can help reduce your firm’s operational risk level
Oil and gas firms and well owners in the Pearland, TX area can turn to the team at Barry Insurance Group for all of their insurance needs. Oil blowouts can be a part of doing business in the oil and gas industry, and having the right policy in place can help protect your financial investments. Give us a call or stop by our office today to find out more.
Add-ons for Well Control Insurance
When you come to Barry Insurance Group for well control insurance for your Pearland, TX exploration or extraction business, you expect and deserve an insurance policy that provides precisely what your business needs. That is why we offer numerous add-ons to your well control policy.
You need to cover more than just the blowout itself. When you lose control of your well through a blowout, your business will likely experience many other problems related to the spill. The extreme combustibility of oil and gas can result in a fire or explosion. This can harm your employees and damage your rig. The blowout itself causes seepage and oil puddling, which harms the environment. You must pay for the environmental cleanup. You’ll need to restore your well to working order, and this might require redrilling.
Depending on the location of your well, you might need to increase your coverage for pollution cleanup. Off-shore operations require added insurance coverage. These off-shore operations also require added coverage for redrilling and restoration.
Increasing the workers’ compensation coverage tied to your well control policy also makes logical sense. Your employees could incur life-altering injuries during a blowout. You show your value as an employer by fully protecting them.
During a blowout, you won’t be able to operate your well. Adding business interruption coverage to your well control policy package protects your overall business from the loss of production.
It is also good to add to your commercial general liability component. This insurance in your overall commercial package works with your well control insurance to ensure that if you experience a blowout at one of your wells, a lawsuit from an injured employee, vendor, or innocent bystander won’t put you out of business.
Contact Barry Insurance Group, serving Pearland, TX, to obtain the well control policy you need to protect your oil and gas business.
Control of well insurance is not a well-known type of insurance outside of niche areas of expertise. The Barry Insurance Group serving Pearland, TX would like to walk you through the control of well or well control insurance and what it covers.
A well, in this case, may refer to an oil or gas well, which comes with its own set of risks that justify its own specialized policy type. In exchange for a monthly premium, control of well insurance assists well owners financially in recovering control of their well in the event of a blowout. A blowout is the flow of a resource aboveground that blowout preventers and other safety protocols, including maintenance, could not stop.
Control of Well Insurance has three facets
Regaining Control of Your Well
After a blowout, explosion, or collapse, the first step is regaining control of your operation and preventing further damage to your business and the environment.
An important order of business after regaining control of your well is clean-up operations. Clean-up operations are always crucial but even more so for oil and gas well situated at sea. Wells that mine for toxic resources like oil and gas need to be cleaned up quickly to prevent environmental damage and loss of life.
Getting the Well Working Again
The final facet of control of well insurance is getting the well working again. This means redrilling.
The oil and gas industry is a cornerstone of the Texas economy. To best protect your business and the environment, it is crucial to have enough coverage for the possibility of a disastrous event like losing control of an oil well, which has serious implications. Speak to Barry insurance Group serving Pearland, TX, today! Don’t leave the loss of well control to chance.
Based in Pearland, TX, Barry Insurance Group offers solutions to people’s insurance needs. We offer our clients multiple insurance policies to help them plan for whatever the future may bring. We pride ourselves on providing our customers with a professional experience at all times.
Control Of Well Insurance
Texas is home to several different oil wells. Oil and gas companies depend on these oil wells to thrive. Control of well insurance is an asset because it protects business owners if there is a blowout. The policy covers the well during the restoring process.
Oil and gas company owners are aware that there are several risk factors associated with operating a well. Miners explore the deepest parts of underground land and the ocean while they search for resources to extract. Extracting the oil is a dangerous process. The well may be damaged as a result of an explosion. Control of well insurance protects companies against these risks. If a well has been damaged, it may take several months before everything is back to normal, and companies can start operating again.
Blowouts can cause extensive production shutdowns and possibly eliminate future production. In addition to blowout coverage, companies can amend their policies to assist any employees who are injured as a result of a major blowout. Liability coverage protects the company in the event of an equipment failure. Sometimes faulty equipment may cause the pipes to burst, which causes leakage. Liability coverage gives your company a layer of security while you extract oil from the well.
Barry Insurance Group Will Help You Protect Your Assets
We understand the unique challenges that you face as a business owner. We will sit down with you and help you find a custom policy to protect your company. Please stop by our office in Pearland, TX, today.