The Gulf of Mexico and its coastline are home to a large number of major facilities for the oil & gas industry, including sites for production, extraction, and refinement that provide fuel for consumers across the nation. However, a number of hurricanes over the last decade have led to big losses in the industry, and the long wait for a fair resolution for oil & gas insurance claims related to these storms has complicated the industry’s recovery.
Difficult Hurricane Insurance Claims Interfere With Recovery for Oil & Gas Policyholders
When a major hurricane affects the Gulf, there is a high risk of losses for oil & gas businesses, including damage to:
- Drilling rigs
- Offshore facilities
Unfortunately, large-scale storm losses often mean large-scale problems with pursuing payment. As many commercial and industrial policyholders found out in the wake of hurricanes like Katrina, Rita, Gustav, Ike, and Ivan, those losses can be devastating to operations. Even large, commercial policyholders in the oil & gas industry aren’t guaranteed a fast or easy claims process to recover their losses from insurers. Unfair delays, underpayments, and outright denials have been common for policyholders of all kinds after major hurricanes in the Gulf, and oil & gas policyholders are certainly no exception.
Oil & gas facilities are complicated industrial properties. It is already very difficult for these worksites to get back to normal operations after a major storm, and running into problems with insurance claims only complicates matters. Despite the pressing need for payment when an offshore rig sinks or a refinement facility is shut down after a hurricane, legitimate claims are still sometimes unfairly denied or delayed for years while policyholders struggle to recover.
If you are struggling to get payment for storm losses at an industrial facility, you can take control of your claim. For more information about how our professional legal team can help your facility recover after a hurricane, simply give us a call at 888-614-7730 or fill out the contact form on this page with your concerns.