Role of Insurance in Geophysics and the Search for Oil

There are a number of factors influencing the role of insurance within the geophysics industry, especially as it relates to the search for oil and precious mineral deposits.  Large oil companies and anyone involved in Earth exploration has specific demands from the insurance industry, and in many cases, customised insurance products need to be researched and developed on a case-by-case and project-by-project basis.  Some of the insurance products that are taken out by oil and other exploration firms include deep-water insurance, accident insurance, life insurance, and a range of liability insurance policies (kredite).  When it comes to the mining and drilling industries, particularly those who are involved in the regular use of explosives, it can often be difficult to obtain adequate levels of insurance coverage without drastically increased premium prices.

In order for oil companies and other drilling enterprises to cover themselves in the case of accidents, some large and specialised insurance companies have developed comprehensive risk insurance packages that are both affordable and tightly entwined with the specifics of particular mining activities.  However, the role of insurance within the wider field of geophysics is less well defined, due to the large scope of different activities and industries involved in the Earth sciences.  Some of the fields of geophysics include geodesy, seismology, geophysical surveying, and mathematical geophysics;  all of which have very different risk factors and require unique insurance solutions.  Other related disciplines such as volcanology, atmospheric sciences, and climatology are even harder to define in the sense of risk management, with many of these industries requiring individual insurance products from specialised insurance firms.

Insurance (http://www.insurance64.co.uk) plays an important role in a number of geophysics industries, including those companies involved in the search for oil and other intensive drilling activities.  While insurance products are required for individual workers within each discipline, most Earth science related businesses also have to assess the risks associated with large scale accidents and emergencies. 

Dedicated and comprehensive risk insurance packages often need to be developed, alongside liability insurance to protect against the potential of financial legal losses.  With the recent oil spill and arising complications from the Gulf of Mexico disaster, a number of geophysics-based insurance products are likely to be overhauled in the near future.  With oil and exploration companies likely to face tighter scrutiny and increasing government regulations, more customised insurance products (Englisch Übersetzer) and higher premiums are both likely results.