Oil & Gas

Insurance in the oil and gas industry is not just a safety net; it’s a critical component of risk management in an inherently hazardous environment. The oil and gas industry operates in challenging conditions, including remote locations, extreme weather, and complex operations involving heavy machinery and high-pressure equipment. As a result, the potential for accidents, environmental damage, and financial losses is significant. Oil and gas industry insurance provides essential protection against these risks, ensuring that companies can continue their operations safely, responsibly, and profitably. From drilling rigs to pipelines, refineries to offshore platforms, the unique risks faced by the oil and gas sector require specialized insurance solutions tailored to address these challenges. In this context, insurance not only safeguards the assets and liabilities of oil and gas companies but also helps them comply with regulatory requirements, mitigate environmental impact, and maintain the trust and confidence of stakeholders. Therefore, oil and gas industry insurance isn’t just a prudent investment; it’s an indispensable tool for managing risk and ensuring the long-term sustainability of operations in this vital sector.

Oil / Gas

Why Choose The Millward Agency?

Choosing The Millward Agency means opting for unwavering confidence in your insurance provider. Our accolades and recognitions speak volumes about our commitment to excellence. Our bespoke insurance solutions are designed to underwrite your success, with a proven track record of serving businesses like yours with integrity, innovation, and a keen understanding of industry-specific risks.

Nationwide Presence

We are proud to offer nationwide coverage while retaining a personal touch that resonates with local communities. Our understanding of diverse regional needs ensures that our clients receive service that feels both global and neighborly.

75+ Years of Expertise

We carry a legacy of over seven decades in the insurance industry. Our enduring commitment to excellence is rooted in a deep understanding of insurance’s evolving landscape, shaped by years of experience and client-focused service.

Integrity in Every Policy

Our philosophy is simple: if we wouldn’t buy it ourselves, we won’t sell it. This ethos ensures every policy we offer is built on a foundation of trust and reliability, reflecting our commitment to honest and transparent insurance solutions.

Class of Business

The oil and gas industry encompasses a wide range of businesses involved in the exploration, extraction, production, refining, transportation, and distribution of petroleum and natural gas resources.

These are just a few examples of oil and gas businesses, illustrating the diversity and complexity of the industry. Each type of business plays a unique role in the exploration, production, refining, and distribution of petroleum and natural gas resources, contributing to the global energy supply and economy.

Here are some common types of oil and gas businesses:

IconUpstream Companies

Upstream companies focus on the exploration and production of oil and natural gas reserves. They conduct geological surveys, drill wells, and operate production facilities to extract crude oil and natural gas from underground reservoirs. Examples include oil and gas exploration and production (E&P) companies, drilling contractors, and oilfield services providers.

IconMidstream Companies

Midstream companies transport, store, and process crude oil, natural gas, and other petroleum products. They operate pipelines, storage tanks, terminals, and processing facilities to transport and store hydrocarbons from production sites to refineries, distribution centers, or export terminals. Examples include pipeline operators, storage tank operators, and natural gas processing plants.

 

IconDownstream Companies

Downstream companies refine crude oil into various petroleum products and distribute them to end-users. They operate refineries, petrochemical plants, and distribution networks to produce gasoline, diesel, jet fuel, lubricants, and other refined products. Examples include oil refineries, petrochemical manufacturers, and fuel distributors.

 

IconOilfield Services Companies

Oilfield services companies provide specialized equipment, technologies, and services to support upstream operations, such as drilling, well completion, production enhancement, and reservoir management. They offer drilling rigs, well stimulation services, hydraulic fracturing, directional drilling, and well maintenance services.

IconOilfield Equipment Manufacturers

Oilfield equipment manufacturers design, manufacture, and supply equipment, machinery, and components used in upstream oil and gas operations. They produce drilling rigs, pumps, valves, wellheads, pipelines, and other equipment required for exploration, production, and transportation of hydrocarbons.

IconOilfield Chemical Suppliers

Oilfield chemical suppliers supply specialty chemicals, additives, and fluids used in drilling, production, and reservoir management operations. They provide drilling muds, corrosion inhibitors, scale inhibitors, biocides, and other chemical products to optimize well performance and protect equipment.

 

IconOil and Gas Exploration and Production (E&P) Companies
E&P companies explore for, develop, and produce crude oil and natural gas reserves. They conduct geological surveys, seismic studies, and drilling operations to identify and extract hydrocarbon resources from underground reservoirs.

 

IconOil and Gas Refining Companies

Refining companies operate refineries to process crude oil into refined petroleum products such as gasoline, diesel, jet fuel, and heating oil. They use various refining processes, including distillation, cracking, and reforming, to separate and upgrade crude oil into higher-value products.

IconOilfield Transportation Companies

Transportation companies provide logistics and transportation services for oil and gas products, including crude oil, refined products, and natural gas. They operate pipelines, tankers, trucks, and railroads to transport hydrocarbons from production sites to refineries, terminals, or end-users.

IconOilfield Support Services Companies
Support services companies provide a range of support services to oil and gas operators, including engineering, construction, maintenance, and logistics services. They support upstream, midstream, and downstream operations, helping companies optimize efficiency, safety, and productivity.

 

Common Policies Needed

Insurance is critical for the oil and gas industry due to the significant risks involved in exploration, production, transportation, and distribution operations.
These insurance coverages help oil and gas companies mitigate risks, protect against liabilities, and ensure the continuity of their operations in the face of unforeseen events and challenges inherent in the industry. It’s essential for oil and gas companies to work with experienced insurance professionals to assess their specific risks and tailor insurance programs to their unique needs and exposures.

Here are some common insurance coverages needed for the oil and gas industry:

General Liability Insurance

Provides coverage for bodily injury, property damage, and third-party liability claims arising from accidents or incidents that occur on oil and gas facilities, drilling sites, or during transportation activities.

Pollution Liability Insurance

Protects against liability for pollution or environmental damage caused by oil and gas operations, including oil spills, leaks, or contamination of soil, water, or air.

Control of Well Insurance (Blowout Insurance)

Covers costs associated with controlling and capping a well blowout, including well control expenses, cleanup costs, and third-party liabilities resulting from blowouts or well control incidents.

Property Insurance

Covers damage or loss to oil and gas facilities, equipment, machinery, pipelines, storage tanks, and other physical assets due to perils such as fire, explosion, natural disasters, vandalism, or theft.

Business Interruption Insurance

Provides coverage for lost income and extra expenses incurred by oil and gas companies due to a temporary shutdown or interruption of operations caused by covered perils such as equipment failure, natural disasters, or regulatory actions.

Professional Liability Insurance (Errors & Omissions Insurance)

Protects against claims of professional negligence, errors, or omissions in engineering, consulting, or advisory services provided by oil and gas professionals, including geologists, engineers, and consultants.

Drilling Rig Insurance

Provides coverage for drilling rigs, equipment, and materials used in drilling operations, including physical damage, loss of use, and liability for drilling-related accidents or incidents.

Cargo Insurance

Covers loss or damage to oil and gas products during transportation by land, sea, or air, including tanker trucks, vessels, and pipelines.

Employment Practices Liability Insurance (EPLI)

Provides coverage for claims related to employment practices such as discrimination, harassment, wrongful termination, or violation of employment laws, including lawsuits filed by current or former employees alleging unfair treatment or unlawful practices.

Directors and Officers (D&O) Insurance

Protects directors, officers, and board members of oil and gas companies from personal liability for decisions made in their official capacities, including allegations of mismanagement, breach of fiduciary duty, or corporate governance issues.

Terrorism Insurance

Covers losses resulting from acts of terrorism, sabotage, or political violence that may target oil and gas facilities, infrastructure, or personnel, including property damage, business interruption, and liability claims.

Cyber Liability Insurance

Protects against losses resulting from data breaches, cyberattacks, or other cyber incidents that compromise sensitive information stored or transmitted by oil and gas companies’ computer systems, including operational technology (OT) systems used in exploration, production, and pipeline operations.

The Millward Agency, Inc. Testimonials

Hear from our clients who have achieved stability and growth with The Millward Agency’s insurance solutions. Our case studies demonstrate our commitment to providing unparalleled support and protection, proving that no challenge is too big when you have the right insurance partner.

Kurtis ThorntonKurtis Thornton
18:38 16 Jan 22
Very helpful and nice people, a great place to get your insurance needs taken care of.
Christopher LymanChristopher Lyman
14:48 26 Oct 19
Finally, I don't need to ever look for another insurance agent. The Millward Agency handles my personal and business insurance. Always helpful with my questions and quick to respond to my emergencies. The Millward Agency Rocks!
Markusz SudozMarkusz Sudoz
19:03 19 Jul 19
Every time I go to my broker, Ed Caceres @ the Millward Agency, he always finds me the best insurance rates on my real estate properties. Ed is great, always extremely responsive and understanding of the industry. In the past I would go do my own insurance shopping and spend hours on hours to get the best rate, now I do not even bother shopping around I just call Ed and he always has the best pricing. In the beginning I got a quote from Ed then shopped around, now I have learned to not even waste my time. Ed @ Millward Always saves me hundreds of dollars. 110% on customer service, 100% on pricing!!! A+++
Mobility SolutionsMobility Solutions
19:09 25 Jul 18
Everybody!!!!! is Great to work with when ever I need anything which is almost monthly.Linda
carlene klebecarlene klebe
20:01 22 Jun 18
My former insurance agent and friend recommended Ed Caceres of Millward Agency. Within hours of having given Ed a call, I had quotes and was decided to go with his carrier. He was professional and answered all my questions. I’m happy to have done business with Ed and Millward Agency.
John CourtneyJohn Courtney
16:20 11 Jun 18
Business or Personal this is who you want - Personal service from their Team is amazing, treat as though you are their only client.* Business - Review policy/coverage every year. Not limited to one or two insurance providers. Recommend changes, not necessarily to save money (although it is available) provide additional coverage. Three months later our additional coverage cost $150 on a $15000 claim. For years we were not covered! They are not limited to one or two insurance providers as our previous agent.* Personal - couple of claims were handled like we were their only client. They bundled coverage in such a way to save $2100 a year for a family of four and kids in college.***Will continue to recommend to business colleagues, friends and family***
Karen CarterKaren Carter
16:01 08 Jun 18
Our company has been working with Millward Agency for many years.They have been the best insurance company I have ever worked with.The staff is always very informative and very professional. Our insurance needs which include general, auto and worker's comp are very complex. Millward is able to handle and update all of our needs at any time of the year. I really like the fact they get back to you very quickly! They are very knowledgeable and caring we never think of going elsewhere. We will definitely be customers for years to come. Thank you Millward Agency!
Chad StottChad Stott
17:56 07 Jun 18
Wade and the Millward team have been consistently reliable, prompt, knowledgeable and a pleasure to work with. Wade and his crew have guided us through our ever growing needs and we attribute our success to the partnerships we have forged with organizations like The Millward Agency. We look forward to many more years working together.
js_loader

Get a Quote

Ready to accelerate your business’s security and success? Contact Millward Agency today for a personalized insurance quote. Our team of experts is here to guide you through the process with ease and confidence, ensuring your business is covered, no matter what lies on the road ahead.