Energy & Power
Lockton’s Energy & Power specialists are the industry’s foremost risk management experts, providing you with the highest level of technical expertise and service in today’s complex environment.
Our strong relationships with the world’s most reputable insurers combine with our in-house loss control, engineering, surety and claim specialist teams to provide you with all the resources you need on a global scale.
Your company will benefit from our services, including:
- Onshore and Offshore Exploration and Production
- Onshore and Offshore Construction
- Drilling and Workover Contractors
- Energy Service and Manufacturing
- Independent Power and Utilities
- Mining
- Onshore and Offshore Construction
- Pipeline, Storage and Transportation
- Refining and Petrochemical
- Bio-fuels and Renewable energy
Our professionals also deliver merger and acquisition due diligence and advisory services to our energy clients and private equity firms, having participated in over $10 billion of buy-side transactions since 2002.
Click here to view our Energy brochure.
Lockton Service
Service starts with listening. We take the time to understand your specific goals, design a program that fits your needs, aggressively negotiate coverage, and implement a service plan. You will have the same dedicated service team throughout the entire process which allows us to anticipate your needs and create accountability.
It’s all about you. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
Long-term thinking. Clients stay with us based on our expertise, creative solutions, seamless global resources and outstanding service. Our client retention rate of 95 percent reiterates our commitment to each and every client.
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Success Stories: |
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Creative claims settlement for hurricane losses
Many of Lockton’s Energy clients experienced significant losses from hurricanes Katrina and Rita in 2006. Massive property damage reduced our clients’ ability to produce oil and gas which cut revenues dramatically. One client sustained losses in excess of $120 million, creating a serious cash flow problem.
The Lockton team was able to achieve an early “global settlement” which helped the company avoid a potentially serious financial crisis. The work of internal claims specialists as well as the ability of Lockton’s senior Account Executives to elevate negotiations to key underwriters was very important to reaching a quick and successful settlement.
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Incurred costs cut by 42% through claims investigation
During the course of performing a quarterly claim review with our insured, our Claims Coordinator determined that additional investigation was required on ten of the claims. The insurance carrier had provided insufficient information to properly assess their status. Due to the significant reserves associated with these files Lockton took the lead in conducting further investigation.
Our Claims Coordinator discussed each of the claims with the individual adjusters to determine the current status, develop more aggressive action plans, and adjust the reserves. As a result of our intervention, the overall reserves on ten files were reduced by $227,271.12. On the files that were impacted this was a 42 percent reduction in the total incurred costs.
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Success in offshore construction cover
Offshore Construction: we placed an offshore construction cover that provided certainty of coverage, quality security, and consistency of rating, conditions and deductibles for one of the world's largest oil companies. This was achieved in the hard market and after one of the mega-brokers had worked on the same project for a year, without success.
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Innovative approach in achieving premium saving and new risk transfer capacity
We have placed the property programme for a large US power generator, with major Gulf Coast windstorm exposures and losses. Amongst our achievements are the development of new capacity and an innovative approach to the interface between commercial market cover and the client's involvement with an industry mutual, we brought the buyer back to the commercial market, achieving premium savings and new risk transfer capacity.
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Support during difficult times to bring competitive premiums
Gaza Power is a generating plant located in Palestine and partially owned by the US. It was temporarily put out of action by Israeli forces (but was able to quickly regain production). It is a modern combined cycle gas and steam turbine plant, currently running on fuel oil but planning to convert to natural gas as the off-shore gas fields in Gaza are developed. Lockton was appointed as a result of the support and encouragement we gave their management team in difficult times, and the competitive premiums secured from what was quite a difficult market.
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