Well Risk Insurance

Mind the gap

You need to effectively communicate well risks to be sure your company has adequate insurance cover and is paying the lowest possible premium.

An example of a formal requirement is the UK Insurance Act 2015, in force from August 2016. This requires companies to fully disclose potential risks to their insurers under the “duty of fair presentation”. The insured party can only be certain that coverage applies to risks they have documented and may be exposed to uninsured risks for anything omitted.

Conventional tools are highly dependent on subjective risk identification. Mapping every permutation of risk is a painful process without the right tools to help.

There is an opportunity to reduce insurance premiums by exhaustively identifying risks so there is less scope for insurers to price unexpected events into insurance policies.

Empirica

Evidence based well risk management

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You can meet this challenge with Empirica

You can understand your well integrity risks down to individual component level with Empirica.

Close your insurance gap using an objective, evidence based approach tailored specifically for well risk management.

Industry Challenges

Project Delays<br/>& Cost Overruns

Project Delays
& Cost Overruns

If you do not change direction you may end up where you are heading

Business Cycles

Business Cycles

Issues related to staffing will be the most critical challenge we have ahead of us

Global Lost Production

Global Lost Production

Over $30 billion lost every year for well integrity reasons

Well Risk Insurance

Well Risk Insurance

Mind the gap

Performance<br/>Advantage

Performance
Advantage

Tipping the balance in your favour

Unnoticed<br/>Losses

Unnoticed
Losses

The hidden cost behind apparent best practices

Oversight & Regulation

Oversight & Regulation

Meeting your obligations

Unseen Risks

Unseen Risks

Mastering Well Integrity is impossible if you cannot see the real risks

Well Abandonment

Well Abandonment

Avoid a sting in the tail

Catastrophic<br/>Failure

Catastrophic
Failure

We can’t afford to lose reputation – even a shred of reputation