Oil, Gas, & Energy Industry Insurance in Alberta
As the leaders of Canada’s energy sector, Alberta’s oil, gas and energy companies need help from their insurance companies to ensure that they aren’t needlessly exposed to liabilities. In addition to basic commercial risks, companies operating in all sectors of the industry have to worry about running afoul of ever-changing environmental regulations or being targeted by political groups.
Founded in Alberta, Thomson Schindle Green Insurance & Financial Services Ltd. is familiar with the energy industry and our brokers can help you get the coverage you need.
We understand it’s an evolving industry
The energy industry is always evolving. As technology progresses, new opportunities arise. These often expose companies and their employees to new liabilities. To protect income and workers, insurance coverage has to keep up with the industry’s rapid progress.
TGS brokers are familiar with the industry, allowing them to work closely with risk managers to identify comprehensive coverage options that’ll complement the core business insurance policies we have access to.
We can help you navigate regulations
The energy industry is subject to federal and provincial regulations that can change rapidly. This means your insurance needs to be handled by an experienced team who can react to these changes and ensure you’re protected.
We’re familiar with the industry’s risks
Every industry is subject to its own particular risks, and the oil, gas and energy industry is no exception. Here’s what companies in this sector have to contend with:
- Environmental risk and liability. Environmental regulations change quickly. Keeping up with them can be difficult and failing to do so can result in expensive pollution claims. While all companies are subject to these risks, those in the energy industry are particularly vulnerable.
- Political risk. Political risks can endanger both your employees and your income. Included in this category are worst-case scenarios such as terrorist attacks to the more likely disruption of operations due to protesting by local activists.
- Geological risk. Easy-to-access oil reserves are mostly tapped out, meaning most of our current reserves are located in less friendly environments.
At TSG Insurance, we help companies in every sector of the industry find the coverage they need.
Upstream oil, gas and energy industry sector insurance
The upstream sector encompasses everything involved with the production of oil and gas, and has specific insurance needs, typically needing protections for:
- Before drilling or mining can start, oil reserves have to be located. Geological surveyors face serious risks, especially as they often find themselves in remote and hazardous environments. They’re also exposed to environmental risks, meaning they need specialized coverage.
- Once a deposit is found, a company needs to construct the infrastructure required to access it. In addition to the environmental concerns, liabilities related to construction operations in potentially dangerous and difficult terrain will need to be considered, for instance, through builders’ risk coverage.
- Drilling and mining. Oil sand mining occupies an important role in Alberta’s economy. However, in addition to the inherent liabilities associated with mining operations, companies need to deal with very complex environmental and political considerations. Regulations can change quickly and cause operational delays and loss of income.
From surveying to drilling, TSG’s brokers can help you find the right coverage.
Midstream oil, gas and energy industry sector insurance
Once oil and natural gas are extracted, they need to be transported and stored, which is what midstream sector companies do. Protections are required for:
- Pipeline operators. From construction to maintenance and management, pipeline operators play a crucial role in the oil and gas industry. Builders’ risk coverage as well as general and environmental liability will ensure operations run smoothly.
- Storage and processing facilities. Storing and processing oil and natural gas requires specialized equipment, which is why comprehensive coverage is necessary.
- Distribution companies. Companies operating transport infrastructures such as a truck fleet will need specialized coverage tailored to their size and type.
TSG can find suitable insurance coverage for all companies in the midstream energy sector, whether they work with oil or natural gas.
Downstream oil, gas and energy industry sector insurance
The downstream sector of the industry is made up of power plants, refineries and petrochemical plants, which have their own specific insurance needs.
- Utilities and power plants. Power generation companies have a huge responsibility to their customers, who rely on them to keep the lights on and businesses running. Because of this, securing failure to supply coverage is crucial.
- Petrochemical plants and refineries. This sector produces the oil-based goods we use every day. This includes turning crude oil into usable fuels such as gasoline and kerosene as well as producing synthetic textiles. These operations are very vulnerable to pollution claims, meaning environmental liability coverage is a necessity.
Companies in this sector, especially those operating refineries and petrochemical plants, can be hit very hard by environmental regulations, jeopardizing their revenues and that of their employees. Sufficient coverage is therefore a must.
Alternative energy insurance
Pursuing innovation in renewable and sustainable energy is crucial but carries serious risks and liabilities.
- Investment risk. Building and integrating alternative energy sources into existing infrastructure can be costly and doesn’t always pay off.
- Environmental risk. Because they require considerable infrastructure and can be disruptive, green energy solutions aren’t exempt from environmental liability risk.
- Energy shortfall risk. Some factors such as the amount of sunlight or wind strength can’t be controlled. This means energy shortfall coverage is a necessity.
The brokers at TSG Insurance can help producers of alternative energy secure the coverage they need to protect themselves from the associated risks.
Energy Industry Contractor insurance
TSG Insurance also works to meet the insurance needs of contractors working in any sector of the oil, gas and energy industry. This includes people working on dismantling projects and who face considerable risks.
Why choose TSG Insurance?
Dedicated to providing outstanding customer service, TSG Insurance has established itself as a top choice for Alberta companies who want to get the most out of their insurance. Since we’re independently operated and work with numerous insurance providers, we can ensure that you get the best and most affordable policy for your needs. Contact us today to ask for a quote or to discuss your coverage needs.