Oil Consulting for members of Oil Insurance Limited (OIL)
Membership of Oil Insurance Limited (OIL) is a valuable risk transfer tool for many medium to large energy companies. However, due to OIL’s unique premium allocation methodology, optimising OIL’s position in an overall risk transfer programme is often a complex exercise.
Our energy team is able to help you analyse and optimise your OIL membership using our extensive knowledge gained from working with OIL for over 25 years (more recently as consultants to OIL). We can also advise you using our sophisticated OIL modelling capabilities.
WHAT WE DO
We are able to review your OIL entry in relationship with your commercial market programme, reviewing your limits/ deductibles and pool shares(s), after which we will provide you with a written report addressing all the issues above and any others you may have.
All we will need from you is a schematic of your current risk transfer programme, your latest OIL billing (with premium calculations breakdowns) and your latest gross asset declaration to OIL.
We can carry out our review in conjunction with your existing broker or we can do it independently without interrupting your existing relationships.
We can help you understand:
- What drives OIL premium calculations and advise of any changes you can make to save premium
- Why OIL generated future premium indications can be considered conservative
- The pros and cons of Pool A only entry
- The pros and cons of quota share entries (internal or external) and the ‘retro’ option
- How the ‘lock-in’ methodology creates a ‘phase in’ of any premium change resulting from profile changes (limit/deductible elections) that can either be to your benefit or detriment
- Potential increased volatility of the Atlantic named windstorm (ANWS) pools
- Options for ANWS cover and their pros and cons
- How the OIL ANWS definition creates an inherent gap when dovetailing it with a standard commercial market named windstorm definition
- How OIL’s definition of ‘occurrence’ is different to the commercial market and how it needs careful dovetailing
- The OIL experience modifier and options for insuring this.
- 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.