How MSAs Affect Insurance Claims

Pitfall: Signing master service agreements (MSAs) without review. If your insurance doesn’t align with indemnity language, you could be responsible for another party’s loss.

Fix: Have both legal and insurance professionals review every MSA. Look for knock-for-knock provisions, defense obligations, and additional insured requirements.

Cost Angle: Misaligned MSAs often lead to uncovered claims. Prevention is always cheaper.

We specialize in aligning MSA requirements with insurance protection.

Insuring Leased and Rented Equipment

Pitfall: Assuming rental companies’ insurance covers you. Their policies usually protect them, not you. Fix: Add coverage for leased/rented equipment on your inland marine policy. Takeaway: Always assume you’re responsible for rented equipment until proven otherwise.

OSHA Compliance and Insurance Premiums

Pitfall: Treating OSHA compliance as separate from insurance. Carriers review OSHA violations when pricing policies. Fix: Maintain strong OSHA logs, training, and compliance. Demonstrating safety lowersrisk scores. Cost Angle: Fewer violations = lower premiums.

Business Interruption Coverage in the Oilfield

Pitfall: Focusing only on physical damage coverage. When operations stop, lost income is often greater than property damage. Fix: Add business interruption coverage to replace income during downtime. Takeaway: The pitfall is overlooking business continuity. The fix is protecting your… Continue reading Business Interruption Coverage in the Oilfield

Insurance for Oil & Gas Companies

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