Energy Insurance & Risk Management

Today energy companies are faced with a highly specialized set of risks. From rig accident to an oil spill, cyber-attack, terrorism, political instability or a natural disaster, your organization must plan, prepare, and adapt to the unexpected.

JLT's team of specialists applies a hands-on approach to gain a deeper understanding of our clients' business and unique risk profile. We assess and prioritize your organization's risks to create tailored solutions to best fit your needs.

Our global team of over 240 energy specialists have in-depth expertise and deep experience providing energy insurance services for onshore and offshore upstream activities, midstream oil and gas activities, petrochemical and refineries, offshore construction all risks and integrated oil and gas companies. As the industry evolves, we take pride on our ability to assess the impact of these changes and develop innovative, adaptable solutions for the most complex areas of risk.

KEY SERVICES

WHAT WE DO

JLT Speciality USA provides energy insurance services and risk management solutions across the energy industry. Whether your organization needs 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 place us at the forefront of the broking services industry.

We provide bespoke solutions across the spectrum of energy industry sector activities 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 are supported by our experienced teams in the powermining, 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

To manage global insurance programs, JLT Specialty USA’s team of experienced energy specialists work in tandem with our global service team. Our global service team specializes in multinational aspects of insurance program management, coordinates global and local insurance service, and provides technical advice on local and global cover requirements such as compliance and regulation.

Clients also have access to the JLT International Network, one of the largest networks in the international insurance sector, that operates 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.

JLT Specialty USA’s team includes inhouse risk engineers. Additionally, we partner with third-party specialists that carry out site surveys and loss prevention/control reports for all our energy clients’ needs. At policy inception, we analyze and deliver actionable information to inform your organization’s insurance program decisions. Our team of specialists survey the sites and their relative risk and identify opportunities for improvements (planned and potential), as well as loss potentials over the cycle of insurance.

Our client have additional layers of support ready and able to enhance insurance coverage. In addition to the wording resources and knowledge embedded in the account teams, we have a dedicated in-house team of wordings specialists based in our London office utilize their many years’ experience in all types of wordings to improve your policies.

Your organization will be able to benefit from using our knowledge of the insurance market to undertake reviews, technical evaluations, stress testing, and comparisons, and we provide suggestions for improvements in cover, language and format.

Yes, JLT Specialty USA provides quarterly energy newsletters to keep our clients informed of key changes in the energy insurance market.

JLT Specialty’s energy team includes decommissioning specialists who have refined a decommissioning all risks (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. The have developed wording offers 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 organization’s 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.

Read our latest insights