Jerry Jones

In recent decades, the number, severity, and overall size of wildfires have increased across much of the United States. With a longer wildfire season and changing weather patterns, proactive risk management is crucial. Watch our animated infographic for insights on proactive risk management techniques to harden your client’s defenses against wildfires: https://ow.ly/UXZe50TrzPF #MitigatingtheRiskSeries #MunichReSpecialty #WildfireRisk

14

#Energyinsurance101 The Pryor Trust gas well fire refers to a tragic incident that occurred on January 22, 2018, at a natural gas drilling rig operated by Patterson-UTI Drilling Co., under contract with Red Mountain Energy, in Quinton, Oklahoma. The well was part of the Pryor Trust project, and the fire led to the deaths of five workers. It was considered one of the deadliest oil and gas incidents in recent U.S. history. Key Points of the Incident: Blowout and Explosion: A blowout occurred, releasing natural gas and other hydrocarbons, which ignited and caused a massive fire. The blowout preventer, a critical safety mechanism, failed to control the well.    Loss of Life: Five workers tragically lost their lives as a result of the fire. These included employees from Patterson-UTI Drilling and other contractors. Causes: Investigations, particularly by the U.S. Chemical Safety and Hazard Investigation Board (CSB), pointed to several factors contributing to the incident:  - Human error in well operations.  - Failure of critical equipment, including the blowout preventer.  - Inadequate training and safety protocols.  - Poor communication during the drilling operation. Aftermath: The incident led to legal action from the families of the victims and renewed focus on safety practices in the oil and gas industry, particularly with regard to well control and blowout preventer functionality. The Pryor Trust gas well fire highlighted the significant risks involved in natural gas drilling operations and underscored the need for robust safety measures to prevent similar tragedies in the future.

8

Renewable project owners can significantly reduce risks by placing appropriate and detailed insurance requirements on the contractors and subcontractors performing the work https://ow.ly/QAUz50Tfu43 #RenewableEnergy #RiskManagement #ASmarterWayToRisk #WTWPerspective

1

BMS Group Tropical Update 10/10/2024  Hurricane Milton’s landfall near Siesta Key, Sarasota, represents a significant event in Florida’s history with major storms. As the 44th major hurricane to strike the state since 1851, #Milton demystified the local belief that Sarasota is protected by Native American burial grounds. Notably, this is the first direct hurricane impact on Sarasota since record-keeping began. With winds reaching 120 mph and a pressure of 954 mb, Milton became the fifth Gulf Coast hurricane to make landfall this year, three of which struck Florida. This year’s heightened hurricane activity continues to contrast sharply with the period from 2006 to 2017 when no major storms made landfall in the Gulf. The rapid succession of two major hurricanes in Florida, the shortest gap since 1950, highlights the growing risks the region faces. While Tampa narrowly escaped the worst of Milton's wrath, Sarasota and surrounding areas faced significant impacts. Preliminary assessments suggest that Milton could be the most severe hurricane to hit the Tampa Bay area in decades, possibly prompting the insurance industry to reevaluate its strategies for addressing such “Gray Swan” events. Despite many buildings adhering to Florida's stringent wind design codes, older structures remain vulnerable, and power outages across the region have raised concerns about the extent of storm-related damage. In addition to the hurricane's direct effects, Milton spawned over 45 preliminary tornadoes, making it one of the most prolific tornado-producing storms in the state's history. The insurance industry will closely monitor the situation as damage reports unfold, especially with the threat of additional tropical activity as the hurricane season progresses, which we will look at with this BMS Tropical Update. #TropicalUpdate #HurricaneSeason #Insurance #Reinsurance If you want more details on the specific impacts on the insurance industry, please click the link below. https://lnkd.in/g7fn-Ywa Below is the latest BMS iVision Verisk Respond 3-second wind gust product. This product helps clients better understand aspects of damage, such as areas with the highest wind gusts. However, there is much more. Other wind products, like the duration of winds and severe weather elements like extreme rainfall and tornado swaths from Canopy Weather, are also provided and shown. 

35

3 Comments

We know you have a lot of things to prepare for when drilling a well. Below are some simple questions to be prepared to answer when putting tools downhole and determining if you should secure LIH insurance. ✔ What’s included in your day work contract? - Are all tools and values for which you are responsible listed? - Are they updated if the BHA changes? ✔ How do I reinstate coverage after a loss? - What is the procedure to get coverage reinstated? - Are there additional costs from the contractor or insurance company or both? ✔ How are insurance deductibles applied? - Are they clearly defined? - How are they implemented in the event of a total and/or partial loss? ✔ How is exposure to tool loss addressed? - Does the operator accept full, partial, or no exposure for their tool liability? - Is coverage primary or excess; are tools insured at replacement cost or depreciated value? - Does LIH or downhole tool insurance cover damaged tools? ✔ What are fishing requirements? - Requirements should be clearly spelled out as to how many, if any, fishing attempts have to be made. - Do you know what equates to a successful fishing attempt? No matter the application, make sure your tools are covered on your next operation. Call 214-346-1512 x10 or email [email protected] for more information on our limits and for a free quote before you send your equipment downhole.

6

The National Hurricane Center is not tracking areas of development in the next 48 hours. However, there are a few tropical waves in the Atlantic Ocean, and the basin is showing signs of life ahead of the official start of the hurricane season, which starts June 1st. This BMS Group Insight looks beyond the reasons and overall numbers of possible named storms, hurricanes, and major hurricane formations that the insurance industry is so infatuated with. The insurance industry should be keener on understanding the possible areas of development that can play a big role in possible landfalls. As the tropical basin comes to life in mid-June, the insurance industry will also start to gain a better grasp of when activity might occur over the season. With the aid of climate models and analog years that best match today's atmosphere and oceanic variables, ideas of possible tracks for the 2024 hurricane season start to take shape. While there are still many uncertainties, rest assure that BMS Re and the Pathlight Analytics’ staff are here, armed with their unparalleled expertise, to provide the insurance industry with unique insights into whatever mother nature may bring. As we navigate this expected busy hurricane season, it is crucial to prepare and remain vigilant, ready to adapt to the cards we are dealt. Click the link below for amazing content beyond how many storms might form in the North Atlantic Basin, but where they will form might track and impact the insurance industry. ⬇ https://lnkd.in/gNBj2752 #Insurance #Reinsurance #HurricaneSeason #RiskManagment

37

1 Comment

Product liability insurance provides protection for these unique risks - particularly when products manufactured by your company cause harm to others. Some other risks of loss that are important to manufacturers are business interruption coverage and mechanical & electrical breakdown coverage.

1

If you had a busy weekend, you might have missed the tropical activity occurring in the Atlantic Basin. The goal of this BMS Insight is to update the insurance industry and, more importantly, to discuss the impacts of Major Hurricane Beryl and what the future might hold for the U.S. insurance industry. In the short term, the situation is not ideal for the Windward Caribbean Islands. In fact, our BMS iVision Verisk wind swath product is off the charts in terms of intensity to be expected over the small island of Carriacou north of Grenada. Beyond the Caribbean impacts, there is still considerable uncertainty in the long-range forecast. As of right now, there is about a 10% chance of insurance impacts to Texas, and the probability will increase or decrease later in the week as there is more clarity with how the upper air pattern over North America will evolve. But if you are a model watcher, there is valuable insight into what to look for as we start a week of model watching as Major Hurricane Beryl crosses the Caribbean Sea. Below is our BMS Group iVision's last forecast on Hurricane Beryl and its expected wind swath across the Caribbean Sea. The forecast ends as Beryl enters the Bay of Campeche, so stay tuned for what the future might hold for U.S. impacts. To get even more great detail click the link below. ⬇ https://lnkd.in/gqA_n9HH #Insurance #Reinsurance #TropicalSeason #Beryl #RiskManagment

73

The first major hurricane of the season, Beryl, recently made landfall in Texas. While Insurance Journal reports losses are estimated to be absorbed without impacting pricing conditions, the storm highlighted significant risks as we approach an extremely active hurricane season. It's crucial to proactively discuss risk mitigation strategies with clients early. Let me know how I can help. https://bit.ly/3ypR8hj #AlliantPrivateClient #HurricaneSeason #RiskManagement #PersonalInsurance

2

On April 19, 2024, the EPA announced the formal designation of two PFAS chemicals (PFOA and PFOS) as hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). These regulations are expected to trigger requirements for environmental investigations at sites where these two chemicals are known or suspected to have been used and to clean up any that are detected. This could include formerly contaminated sites that were remediated and contaminated sites that are currently undergoing cleanup. Learn more in this article authored by my colleague @Matthew Kern https://lnkd.in/etpmfmXZ

23

1 Comment

BMS Tropical Update 10/06/2024  Tropical Storm Milton is presenting a rare and concerning weather event for the insurance and reinsurance industry. Forming in the Bay of Campeche, Milton is taking an unusual eastward path towards Florida, a track only two storms have taken since 1850. With the storm projected to pass near the highly populated Tampa Bay area, the situation is reminiscent of the worst-case "Gray Swan" events that the insurance industry has long feared. The storm's potential intensity is uncertain, with forecasts ranging from a Category 1 to Category 5 hurricane, highlighting the need for vigilance. The combination of warm Gulf waters and favorable upper-level conditions could allow Milton to intensify rapidly, increasing the risk of severe storm surges and wind damage, particularly for a region that has not experienced a storm like this in decades. The Tampa Bay area, with its extensive waterfront property and a population that has ballooned from 450,000 in 1946 to 4.1 million today, faces significant risks from Milton’s approach. A major hurricane could lead to catastrophic flooding, especially if the storm's track funnels water into the bay. This scenario would submerge key areas like Tampa Airport and Downtown Tampa. The storm could also bring strong winds across central Florida, impacting cities along the I-4 corridor. With Milton poised to be the fifth landfalling hurricane of the 2024 season, this could further strain the insurance industry, which is already dealing with damages from previous storms this season. Now is the time for the industry and residents to prepare for potentially devastating impacts. This BMS Tropical Update provided more detail on the insights above, but specific of impacts cannot be discussed yet due to the intensity uncertainty. Click Link Here: ⬇️ https://lnkd.in/gQZdQf_b Below is a look at the BMS iVision Verisk Respond 3-second wind swath, which shows just one of the forecast scenarios for Milton. In this case, there is some weakening before landfall. However, an expanding wind field could complicate the storm surge situation along the west coast of Florida. Please note this is just one forecast solution. The Tropical Update shows all options.

148

5 Comments

This is likely the last BMS Group Tropical Update in a while, as late last night, Hurricane Beryl regained hurricane intensity before making landfall at 4 AM CDT near Matagorda, Texas. This marked the first U.S. landfalling tropical system of the 2024 Atlantic Hurricane season. Beryl's journey began on June 25th as an easterly wave from the African coast, becoming the season's second named storm on June 29th, its first hurricane on June 30th, and its first major hurricane on the same day. Beryl's landfall pressure was 979 mb with wind speeds of 80 mph, making it a Category 1 hurricane. Despite its modest strength, Beryl was intensifying, which could heighten insurance impacts. The landfall brought heavy rain and strong winds to the Houston metro area, causing significant localized flooding and power outages. In some places, wind gusts reached 91 mph, with Houston Hobby Airport recording 74 mph. The insurance industry is concerned about the expanded wind field, which included tropical-storm-force winds in Houston, the fifth-largest U.S. city. Given high deductibles, the financial impact might be largely a retained event for most policyholders and insurance carriers. The latest tropical update has more details on the insurance industry impacts and a look ahead at what July might hold for new activity for the insurance industry to watch, so click the link below. ⬇ https://lnkd.in/gn_Bc3Va What a remarkable event as shown in our BMS iVision Verisk 3-second wind gust product below.

44

5 Comments

Subsea cable project owners must consider the advantages and differences of each option when deciding between a contractor-controlled or owner-controlled insurance program https://ow.ly/H7Hu50RmA1H #NaturalResources #RiskManagement #SubseaCables #WTWPerspective

2

In today's world, where environmental concerns are at the forefront of public consciousness, contractors face unprecedented pollution liability exposures. Chubb has developed a comprehensive Contractors Pollution Liability (CPL) coverage form tailored to address the most common contractual requirements of today. Learn about Chubb’s environmental capabilities today: https://bit.ly/3YC5s0I

6

BMS Tropical Update 08/05/2024  Hurricane Debby, the second U.S. landfalling hurricane this season, developed slowly over the weekend, following a predicted path across the Atlantic and up Florida's west coast. Debby, which is slightly ahead of the usual formation date for the fourth named storm in a given season, provides a reminder that the season is still anticipated to be an active storm season. This BMS Group tropical update takes an in-depth look at the similarities to Hurricane Idalia from last year and what that might mean for Debby’s impacts on the insurance industry. Overall, the impacts will vary due to Debby's weaker intensity but broader wind field, with Debby's rainfall likely causing more significant issues than Idalia. Forecasts indicate potential extreme rainfall and storm surge in the southeastern U.S., with uncertainty about Debby’s track. It could intensify offshore or weaken, yet cause more rain if it remains overland. The insurance industry remains vigilant, anticipating further developments and possible new storms in the Atlantic. Below is just a taste of the comparison this BMS tropical update provides using Idalia to shed light on Debby's impacts on the insurance industry. To the left is the BMS iVision 3-second Verisk Respond wind swath , and to the right is the Idalia 3-second wind swath. This allows BMS clients to compare impacts by looking at portfolios and individual risks and how the wind speed compares between the two events. Want more click this link for more great content ⬇ https://lnkd.in/gB_Df482 #Insurance #Reinsurance #HurricaneSeason #Debby #Hurricane #Idalia

30

GRS CATASTROPHE SERVICES – NOAA reports that Hurricane #Francine is now reaching the Louisiana Coast. Life-Threatening Storm Surge and Hurricane-Force Winds expected to begin in Louisiana during the next several hours. Are you prepared? Stay safe. Hurricane Safety Tips here: https://lnkd.in/ex5CyXh Learn about #GRS Catastrophe Services: https://lnkd.in/eVStxdDw #GRSAdjuster #GlobalRiskSolutions #PeopleProcessTechnology

2

A month or so ago I posted a WSJ article that spoke about the overactive hurricane season we are expecting. Recently the Risk Management Society (RIMS) published a good article on the topic including guidance on storm preparedness. https://lnkd.in/emYaekdc #thealsgroup #riskmanagement

6

As organizations prepare for the 2024 Atlantic Hurricane and U.S. Wildfire seasons, we encourage you to review your current property policy to ensure that your locations, coverage, limits and deductibles afforded therein are aligned and optimized to your risk management needs, particularly with respect to catastrophic coverage where aggregate limits may apply. Throughout the year, locations may be added and removed from the schedule of values, therefore as you review your policy, look for noted changes, particularly if you have added any new locations or facilities. If you feel your current agent or broker may not be accurate with your current exposures and risk, I am happy to review this information with you to address any questions or concerns you may have. Aon, as the leader in the industry, has the ability to approach the market should you wish to change that relationship, alter your current coverage, limits, or deductibles in any respect. Should your organization sustain a loss Aon’s Claims Preparation team can immediately assist. Aon's Claims Preparation, Advocacy and Valuation team can be a key partner for disaster-impacted organizations by offering a full range of loss recovery solutions, including claims advocacy. Our risk consultants bring unparalleled industry experience in claim handling, advocating on behalf of our clients and helping them prepare and present ever challenging claims toward a goal of a fast and favorable recovery. To stay up-to-date on the latest storms and catastrophic events, and to subscribe to our Cat Alerts, visit Aon’s Impact Forecasting Site. https://lnkd.in/ejN8QjtW #Property, #Claims, #Hurricanes, #Advocacy, #LossManagement, #BusinessInterruption, RIMS (Risk and Insurance Management Society, Inc.), Florida RIMS Educational Conference, RIMS Tampa Bay Chapter, FEI | Financial Executives International, FEI Tampa Bay, FL Institute of CFOs (fiCFO)

6