Mid State Energy
Mid State Energy strives to achieve certain objectives for clients in regards to their risk management practices and insurance program. Our goal is to establish an energy company as a superior risk and assist the company in becoming more efficient, effective, and profitable. Through this partnership clients achieve cost effectiveness in their insurance program, established credibility with underwriters, and greater protection for assets and financial stability.
Tasks undertaken for each client include:
Exposure and Risk Analysis
Each client’s exposures and risk profiles are different. Geographical areas, operational strategies, types of field assets, lender requirements, and growth objectives all contribute to establishing a risk strategy and comfort level for the company. Mid State Energy assist clients in evaluating these risk factors and establishing a risk management strategy for addressing the company’s risk profile.
Underwriters must be presented with an account that demonstrates the company’s risk management culture and highlights the proactive risk management techniques the company is using to control risk and maximize corporate objectives. Presentations are created in order to present a company to the underwriting community in order to achieve the best possible terms at the lowest possible price. Mid State maintains relationships with all major energy insurance carries both domestic and abroad.
The insurance market is an ever changing environment with a variety of underwriting appetites and coverage offerings. A client is best served in marketing an account appropriately and with accurate information in order to achieve the best possible offer for clients. Mid State uses established relationships with domestic and London underwriters to obtain the most competitive comprehensive insurance program the market can offer.
Each client’s risk profile and exposure base determines what insurance program will be best suited to meet the client’s needs and match corporate objectives. There are many different ways to structure an insurance program and this structure must be designed to protect a company’s balance sheet while also establishing comfortable terms, limits, and deductibles. Mid State works with each client to design the appropriate program according to corporate objectives.
Program Maintenance and Amendments
Energy companies experience a range of changes throughout each year including divestitures, acquisitions, project construction, drilling, and infrastructure development. It is important to communicate these developments to underwriters timely and accurately. Mid State works with clients and recommends quarterly meetings to maintain accurate data and be a consistent partner in the communication process.
Risk Management Support Services
Mid State Energy offers a full complement of support services in order to assist in a client’s risk management objectives and achieve a high level of risk management compliance. Each client determines the level of support required and the implementation of that support network. Our goal is to establish the most effective risk management culture for each client and provide the tools and resources necessary to accomplish this objective. These additional risk management functions serve several purposes; protecting the company’s balance sheet, building and maintaining successful energy companies, and achieving the best possible terms and conditions for insurance programs.
Risk management support services include:
- Contractual risk control
- Premium Allocations
- Certificate Review and Monitoring
- Exposure Analysis
- Underwriting Presentation Development
- Peer Analysis and Review
- Board Presentations
- Field Inspections and Operational Risk Analysis
- Internal Loss Control Collaboration
- Bond Programs
- Contract and Joint Operating Agreement Analysis
- Acquisitions Due Diligence
- Staff Risk Management Training
Mid State Energy, a subsidiary of:
Mid State Insurance Agency, Inc.
1130 Carmack Blvd
Columbia, TN 38401