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Case study

Helping a multinational oil and gas company overcome major loss

Offshore jack-up rig in the midle of the ocean at sunset

, 

07/26/2022

The Challenge

A multinational oil and gas company experienced a major fire at a European refinery causing widespread damage. The impact was both immediate and severe, disrupting operations overnight and requiring the business to rebuild facilities completely. Further complexity emerged in the form of a comprehensive government-initiated investigation and unprecedented Covid-19 lockdown. Quick, proactive and smart resolution of a sizable claim was vital to restore full production and mitigate mounting losses.

The Solution

We collaborated closely with the business and insurers right from the start, establishing a specialist advisory team that included the head of Claim Advocacy for the Energy and Power sector, senior Claims Advocates, Forensic Accountants, and lead Client Executive for a single point of contact.

Five key objectives guided our journey:

  • Enforcing the insurance policy term
  • Developing a roadmap for efficient claim management
  • Assisting with data collection and providing management to support the claim
  • Liaising with stakeholders to streamline communication
  • Facilitating early payments and claim settlement

Our proprietary Claim Management process designed for complex claim situations was central to systematically meeting these objectives—simplifying data collection, information management, communication, interim payments, and timelines. Throughout, a diverse team of additional specialists with critical energy industry expertise were engaged to help navigate the evolving situation.

The Results

Given the severity of the event and duration of the claim, one of the most important outcomes was leadership ‘peace of mind’. Over nearly two years of negotiations, we consistently provided the business  with complete visibility of the claim status, monies received, amounts due, current timetable and outstanding issues. The team’s tireless support and ongoing commitment ultimately secured a successful final settlement of nearly $400 million, in addition to carrier payment of the cost of claim preparation services.

After a devastating event, it can be chaos for the client and insurers. There’s a rush of ‘need’ for information, paperwork, and money. Marsh helps calm the storm, and brings order and efficiency. That’s invaluable to both clients and insurers.

A modern approach to claims

Every claim is unique and evolves differently over time. Our three stage process covers everything required for a successful claim tailored to your needs. Each step along the way is optimized through careful planning, involvement of the right specialists and smart integration. 

Stage 1

Strategy and claim management methodology

Stage 2

Presentation and initial adjustment

Stage 3

Negotiation and settlement

Learn more about Marsh Advisory's other capabilities

We act as a trusted partner in the face of change, helping clients better anticipate future challenges and capitalize on emerging opportunities through proactive risk advice that builds resilience and confidence.

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