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Control of Well Insurance Program

Lloyds of London Control of Well Program

Well control operations have a significant negative impact on the operating cashflow of the Client, both short term and for future capital expenditures. IWC is the recognized service provider for certain Lloyds of London Syndicates to provide a well control emergency response team committed to their Clients participating in this Control of Well program. The commitment to provide early response and to assist the Client at all stages of the operation is further enhanced with a “pay on behalf of” insurance program, administered by an experienced loss adjuster, designed to reimburse the Client’s service providers directly on a regular basis, thereby minimizing cashflow disruption to the Client and negatively impacting the Corporate operating budget. 

Claim Preparation and Insurance Oversight

Incorporated within the “pay on behalf of” policy coverage, the Policy Underwriters provide an experienced oil and gas loss adjuster to assist the Client as follows:

  • a

    Participate in the well control and EOC operations in order that the type, nature, reason and scope of the well control expenditures are fully understood

  • b

    Assist the Client with the policy coverage as it applies to well control, redrill/restoration, third party equipment losses and seepage and pollution clean-up

  • c

    Oversee the claims process by working with the Client to verify and collate approved expenditures for indemnification

  • d

    The loss adjuster will implement an accounts payable system that is streamlined to expedite direct vendor payments and reimburse Client expenditures