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US NEWS 
Ensuring that your contractors meet the insurance requirements under your Master Service Agreements can be a significant resource drain and a source of frustration for oil and gas operators and contractors alike.
The use of properly crafted insurance and indemnity language in Master Service Agreements (MSAs) can be a good first step in protecting operators from losses arising out of the negligence of their contractors. However, in order for this risk management practice to be effective, operators must continually monitor their contactors’ coverage to verify it meets the insurance requirements under the MSA. This can be a time-consuming task for the operator and some contractors may struggle to reach compliance with their existing insurance programs.
Iridium Risk Services has developed an On-line Oil and Gas Operator’s Contractor Insurance Program (OGCIP) that offers an easy and cost-effective solution to this widespread problem. This program is offered by the operator to its contractors.
“The beauty of the contractors program is that it makes our contractors instantly compliant with our MSAs as the coverage matches our requirements exactly, says Andres Modarelli of Tourmaline Energy. “This significantly reduces the administrative burden of chasing down our contractors for insurance certificates. What’s more, it often affords our contractors better protection at a better price and that coverage can be used by the contractor for other operators for whom they may work. Overall it has helped us improve our relationship with our contractors as we are able to offer them something of value while simultaneously removing friction caused by non-compliance issues.”
For more information about key benefits and program coverage, please contact Mo Radmacher:
Email address: Mradmacher@navacordenergy.com
T: 403-444-0969
M: 403-827-4602
TF: 1-866-845-8330
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