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Travelers Offers Control of Well Coverage on an Admitted Basis

^{Published on 2010-12-02 01:00:41 - Market Wire}
 

HOUSTON--([ BUSINESS WIRE ])--Travelers (NYSE:TRV) today announced that it is offering Control of Well coverage on an admitted basis to upstream oil and gas clients. This coverage will be immediately available on an admitted basis in 25 states, and is expected to be available in most other states in 2011.

"For more than 20 years, Travelers has been committed to delivering tailored solutions to the oil and gas upstream sector"

With this announcement Travelers combines Control of Well coverage and specialized support services for incident prevention and well control management, all in one admitted insurance package.

aFor more than 20 years, Travelers has been committed to delivering tailored solutions to the oil and gas upstream sector,a said Richard G. Gustafson, President, Travelers Oil & Gas. aWe are also dedicated to making the industry safer by offering highly specialized risk control services and coverages. By making Control of Well coverage available on an admitted basis, we are providing agents and brokers the ability to access our full product portfolio for the industry through a single point of contact a" the Travelers account executive a" who will be able to write Travelers Oil & Gas casualty business with wet or offshore exposures as well as Control of Well.a

By partnering with Travelers, insureds not only receive the broadest coverage options available in the upstream marketplace, but also unparalleled expertise, unique risk control and claim services and access to our preferred well control provider, Wild Well Control, Inc. At no additional cost to the insured, Travelers Oil & Gas offerings include:

• 24/7 access to a globally recognized well control expert, who helps customers assess the well control problem and provides critical support on-site to help keep problems from escalating. When this type of support is just a phone call away, experts can be brought in before the situation gets out of hand a" saving both the operator and insurer from the high cost of cleaning up a disaster after it happens.
• First Sign of Trouble Endorsement, a one-time $25,000 reimbursement of awell out of controla™ prevention expenses incurred for the hiring of our preferred well control provider, Wild Well Control, Inc.
• Well control certification training offered through Wild Well Control, Inc., in accordance with IADC WellCAP^® requirements. This has been highly effective in eliminating and/or reducing losses.
• Dedicated risk control and claim services offer hands-on experience along with a wealth of knowledge on the latest solutions for the exposures you face. Our risk control experts come directly from the oil and gas industry and provide instant credibility in the eyes of customers and valuable insights to our underwriting staff. The claim organization brings the needed depth and experience to handle complex contractual losses involving multiple parties and high damages. With years of litigation, contract interpretation and claim experience within this industry, they know how to protect our clientsa™ interests.
• Emergency response planning guide for managing well blowouts that occur on U.S. oil and gas land drilling operations. This resource provides a framework for establishing an early intervention and emergency response plan to address the catastrophic impact of blowouts.
• 24-hour telephone hotlines for well control questions and immediate assistance with well control issues such as well kicks, severe loss or gain of drilling fluid, small surface leaks, etc.
• Seminars that address pressure control issues and risk management techniques to help mitigate or minimize risks identified with control of well events.

aWith solid financials, consistently high claims-paying ratings and more than 150 years of insurance experience, we are now even better positioned to serve our clientsa™ needs in the upstream oil and gas industry,a concluded Gustafson.

Admitted Control of Well coverage will be available immediately in Alaska, Arkansas, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Kentucky, Maine, Maryland, Minnesota, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont and Wyoming. Customers in other states can access Control of Well coverage from Travelers on a non-admitted basis through Travelersa™ new wholesale partner, Towerstone, Inc., a subsidiary of The IMA Financial Group. Customers that purchase Control of Well coverage from Travelers on a non-admitted basis will also have access to Travelersa™ well control services and training programs. The Towerstone Energy Practice works with independent agents and brokers throughout the U.S. to provide market access and energy industry expertise to assist in the placement and servicing of insurance products for the energy industry. Learn more about Towerstone at [ www.towerstonecorp.com ].

About Travelers
The Travelers Companies, Inc. (NYSE: [ TRV ]) is a leading property casualty insurer selling primarily through independent agents and brokers. The companya™s diverse business lines offer its global customers a wide range of coverage in the [ auto ], [ home ] and [ business ]settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2009. For more information, visit [ www.travelers.com ].