2018 has proven to be an interesting year of corporate evolution for LSR and we would like to share some of the highlights with you, in particular our involvement in two new energy industry insurance programs which are currently being rolled out.
Firstly, we have been named as Control Adjuster on a brand new “Release Response” pollution liability program offering several unique features that will appeal to small and intermediate oil and gas producers. This “Pay on Behalf Of” policy will provide critical financial support following a sudden and accidental pollution liability incident, such as a pipeline release. As the Control Adjuster, LSR will work with the Insured by facilitating direct payments to the involved service and clean-up contractors, which will greatly ease the negative effects of the short and medium term cashflow burdens such incidents tend to inflict on smaller companies. The Policy provides a CAD500,000 “up-front” primary coverage limit to offset the larger retentions/deductibles contained in most Commercial General Liability programs. In addition, if
elected at the time coverage is placed, the Insured will have preferred access to a dedicated
environmental consulting firm to assist with operational, reclamation, remediation and site closure
management matters, again easing the interim labour and expense burdens on Insureds that can follow a loss incident.
Secondly, LSR has been named as the Control Adjuster on a new bespoke Lloyds of London Control of Well Program, which offers several important features over that of standard well control policies. First, the program utilizes the professional services of International Well Control Inc. (IWC), a newly formed well control and engineering firm headquartered in Calgary, Alberta to provide well control emergency response and management teams in the event of an incident. Secondly, the program is designed to lessen the negative impact on an Insured’s cashflow following a loss by providing a “Pay-on-Behalf” mechanism to facilitate direct settlement of Third Party service contractor charges. Further information on IWC and this insurance program can be viewed at www.internationalwellcontrol.com.
With respect to our staff, Steven Coe, JD has recently transitioned to a new, expanded role as Senior Loss Adjuster. Steve’s 30 plus years of experience in the handling of complex oil and gas related claims with an emphasis on drilling and well servicing units, power generation, and commercial liability losses, will greatly enhance all aspects of LSR’s loss adjusting services and will provide important added value to our clients.
We are also pleased to advise that LSR Staff Adjusters Heather Kenny and Colin Schadlich have both been promoted to Senior Loss Adjuster status. Heather brings over 10 years of loss adjusting experience to LSR, focusing on energy related property damage, pollution liability and oilfield contractor’s equipment losses. Colin brings over 18 years’ experience handling of multi-line property and liability claims.
Lastly, LSR is pleased to announce that in response to requests from several of our Insurer and Broker partners, we are now offering our commercial and residential loss servicing capabilities in southeastern British Columbia at preferred tailored flat rates.
If you have any questions or wish to discuss any aspect of insurance claims adjusting services, please feel free to contact us at 403.452.2195.