I have a fraction of a percent on two non operator working interests. Do I need to add personal liability insurance for these or is that covered under the insurance coverage written on the operation? Trying to figure out if we need our own insurance. Thank you
Ask the operator if you are covered under their coverage. It’s never a bad idea to have an Umbrella Policy when you are in business.
I have a message into them. If I do need insurance, where would I go for that? Is it a special coverage or can it go under my personal umbrella policy? This currently isn’t set up under a business or LLC, so working to create the LLC and move it in there. Thank you
My wife and I are in the same situation and wondering if you found an insurance company to purchase a policy and if so can you share the name of the company? Thank you
I did not. Both the operators confirmed I was covered under their coverage and it is billed out on the JIB each month. I also moved them to an LLC instead of just in our names for some protection. I haven’t looked into umbrella coverage much but my understanding is that’s expensive and difficult to get if your a non operator working interest. It did not sound like they did many of those. I had talked with SGRC Insurance in Corpus Christi. Please let me know if you learn anything else.
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