Energy Insurance & Risk Management

Energy companies today are faced with a highly specialised set of risks, wherever they do business. This could be anything from a rig accident to an oil spill, cyber-attack, terrorism, political instability or a natural disaster.

We apply a hands-on approach to gain a deeper understanding of our clients' business, allowing us to assess and prioritise risks to their organisations and create tailored solutions at competitive costs.

JLT have experience providing energy insurance services for onshore and offshore upstream activities, midstream oil and  gas activities, petrochemical and refineries, onshore/offshore construction all risks, integrated oil and gas companies and onshore/offshore energy service companies.

Our global team of over 240 energy experts can provide energy insurance services and risk management advice. We take pride in our ability to assess the impact of industry changes and adapt insurance and risk management solutions, which correspond to our client’s needs.

KEY SERVICES

WHAT WE DO

JLT provides energy insurance services and risk management solutions across the energy industry. Whether you need coverage for a nuclear plant, natural disasters or oil spills, our energy team will work with you to find the right solution for your energy project.

Our professionalism, work ethic, client first focus and enthusiasm places us at the forefront of the broking services industry.

All your risk needs can be catered for across the spectrum of energy industry sector activities and the corresponding insurance products including: construction risks, environmental damage, operational physical damage, cyber risk, business interruption / loss of production income, control of well and liability coverage.

Your placement negotiation will be backed up by the strength of our annual premium placed into global insurance markets representing 20-25% of the total energy market volume.

Wherever you are active we offer these covers across the entire spectrum of marine, upstream, midstream and downstream sectors of the energy industry, on a traditional basis or as a reinsurance of captives.

Your footprint in associated activities and risks can be served by our strong teams in the power, mining, renewables, cargo, aviation, credit, political and security sectors, who work closely with our energy team to ensure that all energy related clients’ needs are met, whatever their sector(s) and whatever risks they may face.

FAQs

We would work with JLT’s global service team who specialise in multinational aspects of insurance programme management, coordinate global and local insurance service, and provide technical advice on local and global cover requirements such as compliance and regulation.

You also have access to the JLT International Network, one of the largest networks in the international insurance sector, operating across more than 135 countries. This includes a presence in the world’s major and fastest developing economies. Our team has a deep understanding of the culture, language, markets and legislation within all territories where we operate for you.

Yes - together we will minimise your risks and optimise your insurance.

JLT has both inhouse risk engineers, and can call on third party specialists who can carry out site surveys and loss prevention/control reports for all our energy clients’ needs. At policy inception, our plan will be how we can best service your needs to provide information for insurance purposes, and provide a value added service to you.

This will look at the presentation of the sites, their relative risk and improvements (planned and potential), loss potentials over the cycle of insurance.

Our surveys will enhance your risk management of the business and also your risk profile in the insurance market.

You have additional layers of support ready and able to enhance your insurance coverage. In addition to the wordings resource and knowledge embedded in the account teams, we have a dedicated in-house team of wordings specialists who will deliver improvements for you using their many years’ experience in all types of wordings.

You will be able to benefit from using their knowledge of the insurance market to undertake reviews, technical evaluations, stress testing, and comparisons, and you will we will suggest improvements in cover, language and format.

Yes, we produce energy quarterly newsletters. Keeping clients informed of key changes in the energy insurance market.

JLT Specialty’s energy team have refined a DAR wording that covers Liability imposed on the insured by law or assumed under contract, for bodily injury, property damage, removal of wreck and clean up. We have decommissioning specialists in the team who have developed a wording to offer coverage within a DAR policy which is often overlooked by other policies such as:

  • Removal of wreck from dropped objects
  • Voluntary removal of wreck
  • Port blockage
  • Contingent owners liability
  • Cost of re-performance/extra expenses.

KEY STATS

30%+ of the world’s mobile drilling rig fleet insured 25% of upstream global premium placed USD 1bn+ premium placed globally 25yrs average years of experience held by Account Executives

WHY JLT

  • Our 240 global energy experts include experienced brokers, ex-underwriters, adjusters and risk engineers, working as a team on your behalf
  • Our dedicated account teams provide timely responses to ongoing service needs of our clients, providing accessible, additional and invaluable resource to our clients' own risk management functions
  • Supported by the JLT International Network we service clients in over 135 countries, enabling us to offer effective global solutions for your business and on-the-ground advice from local experts
  • We have a proven track record in dealing with complex energy-related risks and our team strives to get the deal done, giving us an exceptional client retention rate
  • Our experienced claims team has the influence and expertise to ensure you receive accurate and timely settlements for all claims
  • We work with our clients through the year to ensure their policy continues to cover their changing business needs
  • Our dedicated in-house team of wordings specialists use their knowledge of the insurance market to undertake reviews, technical evaluations, stress testing, comparisons of your coverage and suggest improvements to strengthen your policy.
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