"EIG provided a considerable cost savings to us, specifically in the area of business interruption coverage. EIG was also able to offer more flexibility in the coverage than the traditional underwritten policies."
Stewart Larsen
Vice President of Finance & CFO
Culane Energy Corp.
Energy Insurance Group Ltd. was established in 1993 to manage the daily insurance operations of EIG. As a licensed Reciprocal, EIG is an alternative risk financing mechanism for Canadian energy companies.
Today, EIG provides the Energy companies with specialized, comprehensive, cost effective insurance and risk services that preserve stable, long-term rates. We have Safety and Loss Control expertise available to provide subscribers with risk surveys, audits and program development assistance to help reduce, manage and control the cost of risk. Our personnel are knowledgeable and experienced in dealing with the oil and gas industry.
EIG and Gallagher Energy Risk Services (GERS) formed a strategic alliance in 2010. This alliance has proven beneficial for both companies, with GERS acting as the exclusive broker for EIG’s program. In June 2011, GERS launched their Special Wholesale Services (SWS) to allow other brokers to access EIG’s program.As a member of EIG, you’ve become a member and voting shareholder of EIG. Our Advisory Board is also comprised of members dedicated to maintaining the integrity and benefits of the program for all members.
EIG’s application is short and very simple to fill out and the turnaround on getting a quotation can be less than a day if necessary.
All claims, underwriting and risk service decisions are made in house, therefore eliminating the wait times for such requests.
Paying claims are a normal part if EIG’s day-to-day business, and once your claim is professionally adjusted, you will receive payment promptly.
We have been an insurance provider for the Energy industry for over 20 years, and we keep on getting better.
A: Reciprocal is an unincorporated group of individuals, corporations or entities that exchange contracts of insurance through a common incorporated management company. The purpose is to spread the risks of loss among all of the members. Contracts can only be entered into with the Subscribers to the Reciprocal. The management company handles the Reciprocal's daily insurance operations including managing finances, making underwriting decisions and claims administration.
A: EIG was formed in 1988 after an extensive feasibility study was conducted by 50 Calgary companies that were discontented with paying high commercial rates for general liability insurance coverage.
A: A premium is charged to each Subscriber for the purchase of various contracts of insurance. A Subscriber’s liability to EIG is limited to the premium paid by the Subscriber.
