Oil and energy insurance

5 February 2020

The fundamental property of energy is that it can neither be created nor be destroyed. Yet, humans have found a way to harvest energy to make today’s world possible. In fact, without the proper utilization of energy, our world could have been similar to what it was several centuries ago. Oil and energy companies are one of the most risky professions in the world & that is why your company needs oil an energy insurance to ensure smooth business operations while covering various risks involved in day to day operations.

What is oil and energy insurance?

Oil and energy insurance is a series of policies designed to protect companies involved in the production and distribution of oil and natural gas. It includes General Liability, Property Damage, Business Interruption, and Workers’ Compensation Insurance.

The three main stages of oil and gas production are:

Upstream: Business operations involved in the exploration, extraction, and production of oil and natural gas. Operations are mainly underground or underwater using wells to locate and pull the raw materials to the surface.

Midstream: The category of oil and gas operations where raw materials are stored, transported, and marketed in wholesale sectors. Midstream operations include transportation pipelines, terminals, and treatment centres.

Downstream: Responsible for refining crude oil, purifying raw natural gas, and distributing final petroleum products to retail distributors, businesses using petroleum products, and consumers.

At Unison, we focus on competitive oil and energy insurance solutions created for our clients to protect them against the complex and inherent risks involved in the energy sector. Our team provides the best placement structure that drives pricing optimization.