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.
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.