Tuesday, March 17, 2015 Houston, TX. Energy Exchange 9:20 9:50 a.m. and 9:55 10:25 a.m. OIL AND GAS: ENVIRONMENTAL INSURANCE IS IT NECESSARY?

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1 Tuesday, March 17, 2015 Houston, TX Energy Exchange 9:20 9:50 a.m. and 9:55 10:25 a.m. OIL AND GAS: ENVIRONMENTAL INSURANCE IS IT NECESSARY? Copyright 2015 International Risk Management Institute, Inc. 1

2 Notes This file is set up for duplexed printing. Therefore, there are pages that are intentionally left blank. If you print this file, we suggest that you set your printer to duplex. 2

3 1 OIL AND GAS: ENVIRONMENTAL INSURANCE IS IT NECESSARY? Agenda Overview: Environmental Exposures Sites/Contracting Energy Casualty Forms Environmental Products Overview Environmental Market Overview Claims Questions 2 3

4 Shale Formations 3 Oil & Gas: Segments Upstream*: processing is done for recovery, search, and production of natural gas and crude oil. Exploration and production. Midstream*: Transportation, storage, and wholesale marketing (i.e., pipelines, gathering lines, tank batteries) *Focus. 4 4

5 Oil & Gas: Segments Downstream: Refining crude oil and gas, and selling as well as distribution of the products derived from crude oil. Sector is composed of petrochemical plants, oil refineries, and petroleum product distribution. 5 Exposure Terminology Horizontal Drilling: Horizontal drilling provides great access with a smaller footprint on the surface. Multiple horizontal wells from a single drilling pad could drain acres, disturbing very little of the natural habitat above. 6 5

6 Exposure Terminology Hydraulic Fracturing: After penetrating the shale, the rock must be hydraulically fractured, or fracked, to maximize the production of natural gas. A fracture stimulation fluid composed of fresh water, sand, and additives is injected into the well under high pressure to enhance fractures in the rock and free more gas. These fractures start at the wellbore and extend as much as several hundred feet into the shale. 7 Exposure Terminology Drilling Mud: It is defined as the fluid used to lubricate the drill string, line, and walls of a well; flush cuttings to the surface; and create enough hydrostatic weight to prevent blowouts. Mixture of clay, water, and chemical additives pumped downhole through the drill pipe and the drill bit. 8 6

7 Exposure Terminology Operator: the person or company, either proprietor or lessee, actually operating a well or lease generally the oil or gas company that engages the drilling, service, and workover contractors. Nonoperating Interest: a working interest owner in a well that is not the operator. Oil, Gas, Mineral Lease: the agreement outlining the basic terms of developing lands or minerals such as royalty to be paid, length of time, description of lands. 9 Exposure Terminology Saltwater Disposal Well: A well into which oil field saltwater is disposed. Saltwater: Oil field brine, which is also called produced water. Oil field brine is the saltwater that is in the same geologic formations that produce oil and gas. This produced water comes up simultaneously with the production of oil and gas. 10 7

8 Site Exposures Exposures Oil and Natural Gas Wells Waste Lagoons Compressor Stations Oil and Natural Gas Pipelines Processing Facilities Saltwater Disposal Wells 11 Site Exposures Operational Exposures Seepage from shallow fracturing: fracking chemicals into aquifers Seepage resulting from directional drilling: vertical and horizontal migration pathways 12 8

9 Site Exposures Operational Exposures Poor storage tank management: inadequate secondary containment tank batteries Natural resource damages: cleanup/fines & penalties Poor housekeeping and maintenance: operations & pollution control equipment 13 Site Exposures Transportation Exposures Loading and unloading of product: rail cars and tankers Spills of crude oil, chemicals, etc., during transport via rail, tanker, or pipeline 14 9

10 Site Exposures Disposal Exposures Contamination resulting from saltwater injections Leaking containment pits and ponds: flow back fluids Improper disposal of contaminated soil Nonowned disposal sites: CERCLA (Superfund) 15 Contracting Exposures Ancillary Operations Drilling Wells Pipeline Installation Road Cutting/Excavation Drill Pad Construction Treatment Plant Construction Water and Wastewater Hauling 16 10

11 Contracting Exposures Ancillary Operations Chemical Supply Roustabouts/Well Servicing/General Servicing Equipment Rentals Clean and Drift Work Weed Control Consulting Install/Maintain Casings 17 Contracting Exposures Contamination associated with subsurface soil and groundwater contamination resulting from hydraulic fracturing Poor housekeeping: operations equipment and pollution control equipment Improper disposal of saltwater, drilling flowback fluids and drilling muds 18 11

12 Energy Casualty Forms Pollution Coverage: Definition Sudden and accidental/time element No coverage for seepage or gradual pollution Control of well must arise from well control events 19 Energy Casualty Forms Coverage Deficiencies No products pollution coverage No contractor s pollution provided No gradual pollution legal liability coverage offered Limited pollution: cleanup sudden and accidental (S&A) and/or from above-ground storage tanks or no coverage at all 20 12

13 Energy Casualty Forms Coverage Deficiencies Asbestos, lead, and silica exclusions Well out of control exclusion Acid rain exclusion No nonowned disposal site (NODS) coverage provided Waste from well operations not covered Shared limits with general liability (GL) coverages 21 Markets Energy/Casualty Markets St. Paul/Travelers On-site and off-site coverage subject to S&A trigger Berkley Oil & Gas On-site and off-site coverage subject to S&A trigger 22 13

14 Markets Energy/Casualty Markets Chubb Energy Separate pollution policy with off-site gradual pollution $100,000 on-site pollution Ability to provide on-site S&A coverage Louisiana exposure may be provided on an S&A Pulling back. Increasing pricing, retentions due to historically low retentions and cheap pricing 23 Environmental Insurance Products PLL Sudden and gradual pollution including on- and off-site clean-up Blanket location schedule: no need for scheduling Operator and nonoperator well portfolios Storage tank batteries Pipelines 24 14

15 Environmental Insurance Products PLL Bodily injury and property damage: third parties Natural resource damages Emergency responses costs Transportation pollution Blanket NODS/waste disposal sites 25 Environmental Insurance Products PLL Coverage available: land and wet operations Throughout US including Marcellus Shale Policy limits up to $50 million available Market capacity: $250 million Minimum premium: $35,000 Minimum deductible: $150,

16 Environmental Insurance Products PLL Easy-to-secure coverage Well schedule GL and operators extra expense (OEE) loss runs Copy of GL and OEE policies 27 Environmental Insurance Products Environmental Casualty: GL/PLL/Contractors Pollution Liability (CPL) Occurrence GL form (ISO-based) Additional insured: vendors Primary and noncontributory Per location aggregate Waiver of subrogation 28 16

17 Environmental Insurance Products Environmental Casualty (GL/PLL/CPL) Occurrence coverages for: Sudden and accidental pollution resulting from bodily injury/property damage Transportation Nonowned locations including NODS blanket coverage Claims-made coverage for owned and leased locations Can include on auto cleanup with a discovery trigger Business interruption and extra expense 29 Products AIG/Chartis: standard PLL coverages (scheduled locations) Liberty: standard PLL coverages (scheduled locations) Freberg: standard PLL coverages (scheduled locations) 30 17

18 Products Aspen: PLL form with O&G endorsements (scheduled locations) XL: O&G with retroactive date of policy inception Ironshore: O&G with blanket location coverage 31 UW Information CPL Revenue Description of operations Region of operations Resume/statement of qualifications Auto schedule 32 18

19 UW Information PLL Well schedule with notations for oil and gas, land and brown water, abandoned or shut-in, and percent interest in well Map of gathering lines (if available) and integrity info Information on the percent of wells horizontally hydrofractured Financials Sample master services agreement 33 UW Information PLL Sample joint operating agreement Sample drilling contract 5 years of casualty loss runs 5 years of control of well (OEE) loss runs Copies of quotes/binders for casualty and OEE policies Copies of casualty and OEE policies within 45 days of renewal 34 19

20 UW Information GL/PLL Disposal well schedule Current year and projected revenues Vehicle schedule Workers compensation information 5 years of GL/auto liability/workers comp loss runs 35 Claims Discussion this afternoon 36 20

21 Questions?

22 Notes This file is set up for duplexed printing. Therefore, there are pages that are intentionally left blank. If you print this file, we suggest that you set your printer to duplex. 22

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