We are fully licensed and can offer our clients $10MM limit for all lines, with excess capacity available. Understanding the market, clients' and brokers' needs allows us to be responsive to changing oil price environments.
The Partners of Palm Canada have introduced a new oil patch insurance facility and technical consultant, with a focus on junior E+P companies and service contractors. Clients will have access to an independent, privately owned MGA based in Calgary. Palm is supported by several international insurance companies. Palm is also supported by independent engineering and insurance consultants, providing clients with a unique offering not available elsewhere.
The vast majority of junior to mid-size energy companies do not employ a dedicated full time risk management professional. This does not mean that these companies do not require superior risk management advice and technical support.
Palm’s partners have the technical and risk management experience to assist companies with this critical task, ensuring that the company is appropriately insured and well protected in the event of a loss.
One of Palm’s Partners, Peter McLelland, has had a distinguished career as an engineer specializing in the energy business. Peter has extensive experience providing engineering supervision for well control operations and blowouts, as well as conducting forensic investigations on losses arising from pipeline spills, production events, well control incidents and workplace fatalities.
Peter is available to Palm’s clients to provide technical assessments to evaluate the degree of risk associated with their specific operations, which will include risks that impact PD/BI, COW, CGL and D&O policies. Peter’s input can be used to inform companies and their management teams as to best industry practices, thereby making losses less likely.
Companies may decide to take additional deductibles in their insurance programs, or may not be satisfied with the offerings of the commercial market. In these cases, a captive insurance company may be a solution. A captive is a risk management tool that enables companies to take more control of their insurance and risk management strategy, which is particularly useful in volatile commodity price environments. The captive structure can either be a wholly owned subsidiary, or a ‘rented’ segregated ‘cell’ within a captive core company. Palm can assist companies to understand the benefits and risks of each structure and to evaluate the various solutions. Palm, through its related Palm Global companies, can also implement and maintain the chosen solution.
If you have any issues with our products and services, or any complaints you wish to address, please contact us.