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About the Oil Boom and Insuring Oil Companies

The United States is producing more oil and natural gas than any one right now. For many years people have been saying that we need to stop being dependent on foreign countries for our oil needs. Without much fanfare, the United States quietly surpassed the former number one oil producer (Saudi Arabia) and has been number in natural gas production for a couple of decades already.

More oil production means more oilfields and more oilfields means more high-paying jobs in states like North Dakota where oilfields are plentiful. People are flocking to the state, and other oil rich states, in order to achieve the American dream. Even the lowest paying jobs on an oilfield pay pretty good. We are experiencing a second gold rush in the United Sates.

However, if you want to make money in this industry, you have to be tough. Everyone knows that working in an oilfield comes with a lot of risks. People are injured in many different ways including chemical related illnesses. However, for many the rewards are just too great to be concerned about the risks. With the employment landscape the way it is in most of the country, making six figures on oilfield is an unbelievable opportunity for a lot of people. No one is surprised by the fact that oil companies make a staggering amount of money or that you could get hurt if you work on an oilfield. What people don’t spend a lot of time thinking about is what it must be like to insure such a company.
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Any company that insures an oilfield would have to be a highly specialized company that could undertake underwriting such a complex and dangerous business. There are very few companies that have the same needs as an oil company. To begin, an oilfield insurance company would need to understand the risk involved and be able to implement thorough risk control management.
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So what is a risk management? Risk management is when an insurance company visits a company, makes note of potential dangerous situations and makes suggestions for changes. It is hard to imagine as a lay person, the scope of such a job in a places as technically advanced and potentially dangerous as an oilfield.

It kind of gives you an appreciate for the job of an oilfield insurance policy underwriter. While oilfields can be dangerous places, they are lot less dangerous because of the insurance companies that insure them.