Insurance for the Energy Industry in the Wake of Katrina and Rita

Article excerpt

New Orleans Chapter of the EBA, Panel Presentation - October 11, 2006*

MODERATOR

COVERT GEARY

A partner with the New Orleans law firm of Jones, Walker, Waechter, Poitevent, Carrere & Denegre. Mr. Geary specializes in energy litigation and insurance coverage issues.

PANELISTS

JUDY Y. BARRASSO

A founding member of the law firm of Barrasso Usdin Kupperman Freeman & Sarver, L.L.C., a New Orleans litigation firm ranked among the top litigation firms in Louisiana.

VALERIE CUSANO

President of Iridium Risk Services, a retail insurance brokerage firm based in Calgary, Alberta, which specializes in the provision of insurance and risk management expertise for the energy industry.

SIMON PRINGLE

A Director and founding member of Newman Martin and Buchan Limited, (NMB), a wholesale insurance brokerage firm based in London, England. Mr. Pringle specializes in the design and placement of insurance programs for energy companies around the world.

MARK ROBERTON

Director of Risk Management for Nexen, Inc., an independent Exploration & Production company based in Calgary, with operations around the world. Mr. Roberten has spent more than twenty years in risk management and is recognized as a leading expert in the field.

WILLIAM A. (BILL) ROTHHAMMER

President and CEO of Bateman Chapman Group's Houston office, a leading international loss adjusting firm with offices around the world. Mr. Rothhammer has been a loss adjuster for over twenty-five years, specializing in energy related claims for worldwide insurers.

PRESENTATION TRANSCRIPT

MS. BROWN: Good morning. I'm Stacy Brown, and on behalf of the New Orleans Chapter of the Energy Bar Association, I would like to welcome you this morning to our presentation of Insurance for the Energy Industry in the Wake of Katrina and Rita. While the energy industry is recovering from the property damage and business interruption losses that were suffered last year, the long and even short-term effects of the industry's ability to insure for these type of losses in the future is still uncertain. We have an exceptional panel here today to discuss these issues. So without further delay, I would like to introduce our moderator. Covert Geary. Cove is a lawyer with Jones Walker. He has been with the firm since 1985. He is a member of the firm's Energy Practice Group, and also co-chair of the firm's Insurance and Financial Services Group. He has handled a wide variety of energy litigation and insurance coverage issues. And in 2005, he spoke at an American Association of Professional Landman seminar on the well-known Corbello lawsuit and the wave of property restoration cases pending in Louisiana.1 His paper from that seminar was published in AAPL's Landman Magazine.2 After Hurricane Katrina, he wrote a paper on business interruption claims resulting from hurricane losses, and that paper was published by HarrisMartin's Catastrophic Loss and Liability Update. Earlier this year, Cove was recognized by the New Orleans City Business Magazine as one of New Orleans's leaders in law, due in part to his contributions to nonprofit agencies involved in the rebuilding of our city. Cove

MR. GEARY: Thank you very much, Stacy, and welcome everyone. Right here in New Orleans, we have some of the world's leading experts in this field assembled for the panel today. We have an outstanding group. Mark Roberten is the director of risk management for Nexen, which is a publicly-traded independent oil and gas company based in Calgary, Alberta, Canada, with operations world-wide. Mark is a graduate of the University of Winnipeg, and he has over twenty years of experience in all aspects of risk management. Valerie Cusano is the President of Iridium Risk Services, a retail brokerage firm in Calgary. Valerie has an LLB from British Columbia and also a BSC from the University of Alberta. She practiced law in Calgary before working as a claims manager at Marsh McClendon. …