Posted June 2, 2015 by Administrator
Risk management for the energy and natural resources (ERN) industry has come of age; early adopters of risk management efforts need to reconsider their strategies and expectations, according to a study released by KPMG Global Energy Institute (2014.) The study, No Paper Chase: Transforming Risk Management at Energy and Natural Resources Companies, can be found at KPMG International.
The research for the study was conducted by the Economist Intelligence Unit. A total of 1,092 C-level executives responded to the questionnaire.
The study, released in 2014, found that overall, the energy sector has done well thanks to strong prices and expanding production. However, the risk factors for energy and natural resource companies has become more complex as companies are going into more remote regions of the world to search for natural resources. Often, the environment is under threat in these remote areas.
Technology is creating new opportunities for ERN companies, especially for the development of oil and gas fields in fields that were previously impenetrable.
Labor tensions are common in the industry and the public is often hostile to ERN companies, posing additional risks.
All of these findings demonstrate that today’s complex business environment requires a strong ability to master risk management. Large oil and gas companies in particular were early adopters of risk management programs, but progress in this area has not progressed as fast as the business environment. Companies need to re-evaluate their risk management strategies and reconsider their expectations in order to take risk management to the next level.
The knowledgeable staff at Cline Wood understands the unique risks of the energy sector. We are here to help create a plan that best protects your business. Contact us today at 888-451-3900.
Posted March 5, 2015 by Administrator
Energy transportation, oilfield services, and renewable energy comprise an indispensable sector of the American economy. But energy transportation presents numerous inherent risks and challenges. Even the safest energy transportation businesses are exposed to a variety of conditions beyond their control. But many such businesses aren’t as safe as they could be. Following a series of safety and risk management best practices is certain to control your costs and liability. Appropriate energy transportation coverages round out the balance of your safety and cost control program, ensuring that you’re prepared for even the most unexpected events.
At Cline Wood, we work with the top providers of specialized insurance programs within the energy sector. Standard business insurance is not enough to cover the unique risks of many energy customers. Our core insurance programs provide traditional property and casualty insurance coverage as well as related risk management. Understanding the needs of energy clients’ allows us to focus on comprehensive solutions to reduce gaps or duplicate coverage. These coverages include:
- General Liability
- Commercial Automobile
- Workers Compensation
- Employment Practices Liability
- Director and Officers Liability
- Crime and Fidelity
- Cyber Liability
To learn more about energy transportation safety, risk management, cost control, and insurance coverages, contact us.