How does control of well insurance support the oil and gas industry?

The oil and gas industry continues to be very important as it helps ensure people and businesses across the globe have access to the energy they need. Control of well insurance, which is commonly referred to as COW, is a very important form of insurance for those in the oil and gas industry. There are various ways that control of well insurance supports the oil and gas industry for businesses in the Pearland, TX area. 

Financial Protection

A reason to have control of well insurance in this industry is to receive financial protection. If there is ever an accident with an oil well, the damage can be extremely significant. This can include both damage to property as well as personal injuries, which also can come with liability claims. With proper control of well insurance plan, oil and gas companies will receive financial protection to offset such concerns.

Regulatory and Other Requirements

Due to the value that it provides to oil and gas companies, having a control of well insurance plan is often a requirement by regulators, investors, and other parties. Due to the potential significance of an oil accident, many entities will require businesses to carry COW coverage. If you do not have it, you can face penalization and reputational damage. 

If you are in the oil and gas industry in the Pearland, TX area, having full control of well insurance plan is beneficial. If you are looking for a new plan in this part of Texas, it would be wise to call our team with the Barry Insurance Group. When you work with our team at the Barry Insurance Group, you will get any support you need to build a new policy.