Drilling

While every industry has been affected by advances in technology, few have changed as dramatically and quickly as the drilling business.

In the span of a generation, we have transitioned from cable tool spudders to conventionals to modern top-drive systems. Toolpushers now correspond with engineers via laptop over satellite networks. Modern wells have lateral arms that rival our fathers’ deepest wells’ vertical depths.

It is essential to keep pace with technology to stay competitive.

Your Greatest Risks

How certain are you of your team’s ability to manage the risks that you are likely to encounter in this environment?

Insurance can deflect only a small fraction of the risks facing your business—but it is an essential part of your risk management strategy.

You face your greatest financial risk if you don’t have a plan for:

• Mitigating surface and underground geologic and long-term pollution risks
• Identifying and addressing the risks inherent in drilling contracts or master service agreements
• Implementing systems that reduce the direct and indirect cost of incidents and accidents
• Reducing the threats arising out of an increasing experience modification factor and OSHA recordables
• Maximizing your recovery after a loss

How Your Insurance Broker Can Help

You insurance broker must be a part of your risk management team and have a true appreciations for the gravity of the risk issues facing your business.

It’s time to ask yourself:

• How confident am I in my broker’s ability to help me anticipate and manage the risks I will likely face in this environment?
• Does my broker help guide me through complex supply chain risk management decisions or merely transact my business with the insurance carrier?
• Will my broker keep pace with the various states’ workers’ compensation rules and requirements? 
• Can I count on my broker help me anticipate changes in the regulatory environment that may affect risk or will I need to educate my broker?
• Does my broker have the knowledge necessary to help maximize my recovery after a loss?

LJ Stein Solutions

As the leading oil and natural gas specialty insurance broker in the Northern Appalachian Region, LJ Stein made the decision years ago to choose depth of industry knowledge and expertise over breadth.

We believe that the safe, sustainable and responsible development of our indigenous natural resources is more than a business – it an obligation to our country and our children. 

Our goal is to work with companies and individuals that share our passion and values.