The oil and gas industry is recovering from a period of weak prices, enforced capital discipline, portfolio realignments, and productivity efficiencies - according to analysis in PwC’s Oil and Gas Trends 2018-19 report.
Upstream, midstream, and downstream energy operations in the oil and gas industry carry obvious pollution exposures, and present significant risks to the surrounding environment.
The latest Renewables Global Status Report notes that renewable power accounted for 70% of net additions to global power generating capacity in 2017, with new solar photovoltaic generating capacity exceeding that of coal, natural gas, and nuclear power combined.
While intended to provide a sustainable and positive outcome for the environment, sustainable energy sources carry their own risks and businesses operating in this sphere should be mindful of potential negative localized impacts in the event of an incident.
WHAT WE DO
In conjunction with our energy division, JLT's environmental team is well placed to secure coverage for all types of oil and gas operations, with some of the strongest specialist insurer relationships in the market further supported by our in-house engineering and claims divisions.
Due to the complexities in cover - and variations in the type of operations - we advise any oil or gas business seeking environmental coverage to contact a member of our team directly to discuss their requirements further.
JLT provides far-reaching solutions for renewable energy operators of solar, onshore, and offshore wind farms and geothermal, hydropower, biomass, and agricultural plants, as well as producers of biofuels and energy from waste.
Coverage is available for both the construction of these plants and ongoing operations.
Our team of specialists have developed, tested and refined solutions across the energy sector to deliver full programs to meet regulatory requirements, and include provision for any potential adverse reputational impact from pollution events.
Today, companies see environmental exposures as one of their biggest emerging risks. Our global team has the underwriting, engineering, consulting, claims, and wordings expertise to provide market-leading advice and deliver fit-for-purpose solutions for the most complex areas of risk.
This expertise has resulted in a 200% increase in the level of environmental placement in 2017-2018. This has been matched by a doubling in size of our environmental specialist team, which has access to GBP 400 million of environmental capacity in Lloyds and London markets.
Our specialist knowledge of key industry areas is complimented by strong and diverse relationships across the specialty insurance market, as well as our access to traditional and emerging markets through the JLT International Network.
We work closely with our clients to structure a policy that mirrors their risk profile and transfers the appropriate level of risk to the right insurer.
Additional services include:
- Program Gap Analysis - Identifying coverage gaps in existing programs, discussing how these could impact a business, and the extent to which they can be covered
- Global Program Advice - Including where legal and regulatory regimes may require local policies or heightened environmental due diligence
- Risk Solutions - Through our engineering team, we provide fee-based surveys and advice to support clients in reducing program premiums
- Claims Liaison and Support - Our claims advocacy team has experience across a number of complex environmental claims, ensuring the best interests of our clients are represented.