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Insurance industry examines dangers of drilling to determine coveragePosted On Mon, July 30, 2012
In many parts of the country, the drilling industry is a major source of employment for those with the right skills. However, the insurance companies providing coverage for homeowners that allow drillers on their land, in some cases, are having a hard time determining the risk factors needed for insurance quotes.
The Pittsburgh Post Gazette reports that in Pennsylvania, where many people have jobs drilling for oil and natural gas, companies are being encouraged to reexamine liabilities including earthquakes. In an interview with the source, drilling insurance expert and principal at a Philadelphia law firm Michael Conley said that if a problem related to the work arises, there would be aggressive tactics to get as large a payout from coverage as possible.
"You have to have the right type of insurance to protect you," he told the newspaper. "Because if God forbid there is a claim, they'll come after everybody: the property owner, the drilling company and everyone associated with it."
In related insurance claim news, Nationwide recently became the first company to say it wouldn't cover risks from fracking, the processes that blasts water into the ground to get oil or natural gas deposits.
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