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Syndicate Risk Management Group (SRMG)
Offshore oil production platform at sunset with tanker on the horizon

Oil Rigs & Terminals

When a single incident becomes an international news story.

A blowout, a tank fire, a pipeline rupture, a catastrophic weather event — energy infrastructure operates under exposures where a single incident can trigger nine-figure losses, multi-jurisdictional regulatory action, and years of remediation. We structure insurance programmes built around exactly these events — placed with the specialty carriers who write them, defended by the claims advocates who understand them, and stress-tested against the scenarios that keep operators awake at night.

$0B+
In energy assets insured
0+
Energy sites covered globally
<0 hrs
Blowout response coordination
TWO ENVIRONMENTS · ONE INTEGRATED PROGRAMME
Offshore drilling rig at dawn in open ocean
01 — OFFSHORE

Rigs, platforms, subsea

Five specialised exposures, from control of well to catastrophic event cover.

Explore offshore
Petroleum tank farm at blue hour with tanker moored at jetty
02 — ONSHORE

Terminals, tank farms, pipelines

Five specialised exposures, from pollution to regulatory compliance.

Explore onshore
OFFSHORE

The cover behind every rig line, every well plan, every deepwater programme.

Drilling and production rigs operate at the edge of every category — technical, environmental, financial, and geopolitical. Our offshore programmes are structured against real [[a]]IADC[[/a]] contracts, real well plans, and real weather corridors — sourced from the specialty energy market — where these risks actually get written.

01

Control of Well & Blowout

Deepwater and shelf drilling programmes structured against IADC contracts and operator-specific well plans. Covers blowout containment, subsurface loss, and re-drill costs. Placed with the specialty energy market — placed with the specialty carriers who write control-of-well cover as their day job.

Recent claim: subsurface blowout on a Gulf of Mexico shelf well. Full control of well response coordinated within 48 hours. Loss of hole + re-drill covered. Total settlement $18M, no coverage dispute.
02

Operator's Extra Expense (OEE)

Containment operations, environmental clean-up, and re-drilling costs when a well fails. Includes the consequential exposure — not just the immediate response.

Recent claim: partial well failure requiring 22-day intervention. Containment costs $6.4M, environmental remediation $2.1M, re-drill $9M. Structured OEE cover paid the full stack.
03

Hull, Machinery & Equipment

Offshore platforms, drilling units, jack-ups, semi-submersibles, and subsea assets. Named perils plus named-storm cover, war risk endorsements where geography demands, total-loss triggers structured for real-world scenarios.

Recent claim: jack-up rig sustained storm damage during a named hurricane. Hull replacement value paid, salvage coordinated, insurers aligned on same interpretation of the total-loss trigger.
04

Employer Liability & Crew Safety

Jones Act, USL&H, and international offshore labour frameworks integrated into a single programme. When a rig hand is injured on a platform 200 miles offshore, the cover doesn't argue about which flag or jurisdiction applies.

Recent claim: platform hand injured 180 miles offshore. Jones Act + international offshore labour framework navigated in-house. Full settlement, no jurisdictional dispute, no adversarial defence.
05

Catastrophic Event Cover

Parametric triggers and excess-of-loss layers for named storms, seismic events, and systemic operational failures. Fast-pay parametric structures released against pre-defined event triggers — not weeks-long adjuster negotiations after a Category 5.

Recent claim: parametric trigger released within 72 hours of a Category 4 hurricane hitting the Gulf. $12M released against wind-speed trigger — no wait for adjusters, no fight over causation.
ONSHORE

The cover behind every tank farm, every terminal, every jetty.

Terminals face operational and environmental exposures that differ sharply from offshore rigs. Our onshore programmes are structured against the specific asset class — bulk liquid, LNG, refined product, chemicals — and the regulatory frameworks that govern them.

01

Pollution & Environmental Liability

Tank leaks, pipeline ruptures, accidental discharges, long-term seepage. Includes clean-up, statutory fines, third-party damages, and the defence cover you'll need in state or federal court. One integrated stack, not separate policies with gaps at the seams.

Recent claim: tank leak at a US Gulf terminal. State and federal remediation, defence cover for regulatory investigation, third-party damage claims — full stack settled at $22M.
02

Property & Catastrophe Protection

Storage tank farms, pipeline networks, loading arms, jetties, process infrastructure. Fire, explosion, named storm, seismic. Insured to replacement value with ordinance-and-law endorsements against evolving safety regulations.

Recent claim: tank farm fire during a lightning event. Two storage tanks total loss, adjacent loading arm damaged, business interruption triggered. Full replacement value and BI paid.
03

Business Interruption

Revenue protection during regulatory shutdowns, accident-related downtime, and force-majeure port closures. Structured against your actual throughput contracts and off-take agreements — not annualised averages that leave you short.

Recent claim: regulatory shutdown following a minor incident. 34 days of throughput disruption. BI structured against actual off-take contracts recovered $8.4M — annualised BI would have paid $2.1M.
04

Third-Party Liability

Vessels calling at your berths. Contractors and subcontractors working inside your fence line. Neighbouring facilities affected by an incident that starts on your site. Cover that extends across the whole operational envelope — MOLL and contractor indemnity aligned end to end.

Recent claim: contractor injured on a terminal jetty during a bunker operation. Third-party liability, MOLL, and contractor indemnity aligned. Settled without cross-litigation between parties.
05

Regulatory Compliance

IMO, MARPOL, OSHA, US Coast Guard, EU Seveso III, and local port state controls integrated at placement, not scrambled at renewal. Your programme evidences the compliance framework regulators actually want to see.

Recent placement: EU Seveso III + US Coast Guard + local state framework integrated across a portfolio of 12 terminals. Single compliance evidence package accepted by all regulators.
THE APPROACH

Sector-specific structuring. Global market access. Real claims advocacy.

Standard commercial policies write energy risk badly because they're not designed for it. Ours are. Each clause is drafted against your specific asset class, your operating environment, and your actual contractual exposures. Placement runs through Lloyd's and the international specialty energy market, and every claim gets an in-house advocate, not a call centre reading from a script.

Standard commercial energy policy
  • Template wordings not written for energy risk
  • Parametric structures not standardly offered
  • Compliance handled after placement
  • Third-party administrators handle claims
  • Placement through generic commercial markets
SRMG energy programme
  • Wordings drafted against your specific asset class + contracts
  • Parametric triggers structured for fast-pay catastrophe cover
  • Compliance integrated at placement — evidenced to regulators
  • In-house claims advocacy + environmental + legal coordination
  • Direct placement via Lloyd's specialty energy syndicates
Offshore platform battered by Category 4 hurricane waves
CASE STUDY

Category 4. $12M released in 72 hours. No adjuster on the platform.

When a Category 4 hurricane hit the Gulf of Mexico in September 2024, one of our operator clients had three platforms in the storm cone. Two sustained named-storm damage — one jack-up lost its helideck, one production platform lost non-essential topsides. Under a conventional programme, adjuster access would have taken weeks; loss quantification, months. Instead, our parametric catastrophic event cover triggered against a wind-speed threshold recorded at a nearby NOAA station. $12M was released within 72 hours of the storm passing — before adjusters had physical access to either platform, before formal quantification, before any dispute over causation.

  • Parametric trigger structured against NOAA wind-speed data — no discretion, no dispute
  • $12M released within 72 hours of storm passing
  • Follow-on damage settled separately under standard hull cover
  • Client resumed limited operations within 11 days — full production within 34

Result: Zero disputed claims. Zero litigation. Zero coverage gap between the parametric layer and the traditional programme.

GULF OF MEXICO OPERATOR · 3-PLATFORM PORTFOLIO · SEPTEMBER 2024

The parametric structure was underwritten in the September programme. It paid in November. It did exactly what the modelling said it would do. That level of predictability is what allowed us to underwrite the Q4 revenue guidance without carve-outs.
CHIEF FINANCIAL OFFICER · US GULF ENERGY OPERATOR · 🇺🇸
WHY SRMG

Why SRMG

  • Specialist structuring against your specific asset class, contractual obligations, and geographic exposure
  • Direct placement through Lloyd's specialty energy syndicates and international carriers with real capacity
  • Integrated risk advisory — compliance support, scenario stress-testing, incident response drills
  • 24/7 in-house claims advocacy coordinating with adjusters, surveyors, environmental consultants, and legal counsel
  • Independent since 1990. Every renewal, we go back to market. Every time.

The programme you don't need — until you do.

Complimentary review of your current energy programme, gap analysis, parametric structuring options, and market re-approach. No obligation.

Request an Energy Programme Review Call +1 (305) 500 0844
Frequently asked

Offshore energy insurance questions

Offshore energy insurance covers physical damage, business interruption, third-party liability, and control-of-well exposure for rigs, platforms, terminals, and FPSOs. Coverage typically includes named windstorm, pollution liability under OPA'90, and construction/decommissioning phases. SRMG places offshore energy programmes through Lloyd's, Bermuda, and Singapore markets — combining coverage at the layer where each has the strongest appetite. A single-market placement for a US Gulf FPSO typically overpays by 12–20% versus a syndicated placement.